Korean Americans in Washington State are seeking additional victims in what they allege is a cryptocurrency investment fraud involving VMS (Vehicle Mining System) and VictoriaEX representative Andy Park (Korean name Garam Park). The company was previously accused on April 23, 2024 (A-3) of running an illegal multi-level Ponzi scheme in the Los Angeles area.
On Aug 13th, Kory Minseok Hanh, chair of the Washington State Republican Party Asian Pacific American group, said in a press release that Park targeted middle-aged and senior Korean Americans, persuading them to invest in cryptocurrency and then taking their cash. Representing six alleged victims in their 50s to 70s, Hanh told The Korea Daily that “since 2022, Andy Park has solicited cash cryptocurrency investments from Korean seniors in Washington State, causing losses exceeding $500,000.” Hanh added that accounts Park created for the victims are now locked and inaccessible, and alleged that Park intentionally targeted seniors unfamiliar with cryptocurrency systems.
Hanh said he has reported the case to the Washington State Department of Financial Institutions (DFI). He also claimed that Park is currently in South Korea, presenting himself as the CEO of VMS and holding scholarship donation events using victims’ funds. According to Hanh, more than 30 victims are believed to be in the Los Angeles area, and he is seeking additional victims to organize a joint legal response. Victim reports are being accepted via Koryfiantech@gmail.com.
Repeated phone calls and emails to Park on Aug 13th went unanswered, and the VMS website is currently inaccessible.
On April 25, 2024 (A-4), seven investors, including a former VMS director, held a press conference in Los Angeles alleging that Park operated an illegal Ponzi scheme under the guise of cryptocurrency investments. They said they each invested up to $100,000 in VMS coins and related products, but the coin’s value collapsed, trading was halted, and they suffered losses. At the time, Park held a separate press conference to deny the accusations.
BY HYOUNGJAE KIM [kim.ian@koreadaily.com]
