By Jean Wong Northwest Asian Weekly Regal Financial Bank (Regal Financial), a local community bank, announced that it has settled a lawsuit accusing it of defrauding a group of Indonesian […]
Local Asian-owned bank accused of Ponzi scheme
Regal Financial Bank, a small bank in Seattle, was sued earlier this month by a group of 4,200 Indonesian investors over accusations that it helped operate a $600 million Ponzi scheme. A Ponzi scheme involves a fraudulent investment operation that pays returns to investors from their own money (or money paid by subsequent investors) rather than from any actual profit earned.