SAN JOSE (CBS/AP) — A San Jose death benefits chief was charged with embezzling $200,000 and leaving about 300 survivors in the lurch.
52-year-old Concerned Members Committee president Davie Ba Ngo and 31-year-old co-worker Stephanie Tuyet Le were arrested Wednesday.
The Concerned Members Committee collected an average $35 a month with a promise of up to a $14,000 payout to survivors when there was a death, a benefit similar to life insurance.
Santa Clara County prosecutors charged Ngo and Le with embezzlement. Ngo was also charged with theft by false pretenses, sale of an unqualified security, running a fraudulent securities scheme, money laundering and bouncing checks.
The suspects remained in jail with bail set at $500,000 each pending an Aug. 17 court appearance.
(Copyright 2012 by CBS San Francisco. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)