During a press conference held on September 25, victims of a Ponzi scheme run by Southern California real estate investment company RAC shared their harrowing stories, highlighting staggering financial losses exceeding $100 million. The event drew many individuals who had also fallen victim, some displaying banners and chanting accusations against CEO Tin-Jon Syiau and his family for allegedly misappropriating their retirement savings and hard-earned money.
Organizers of the event shed light on the familial ties linked to TJ Syiau, including his wife, Erica Chen, mother-in-law Hui-Mei Amy Cheng, and brother-in-law Benny Chen, suggesting that they may have been complicit in the scheme.
Three elected officials were present: Arcadia City Councilman Cheng Bo-Ren, San Gabriel Mayor Wu Cheng-Yuan, and Duarte City Councilman Samuel Kang. They voiced their unwavering support for the victims, with Cheng describing the devastating fallout of the scam within the Asian community. “It’s heartbreaking to see so many people who came here chasing the American dream, working two or three jobs to make ends meet, now facing the prospect of losing their homes and potentially becoming homeless,” he remarked. Cheng committed to standing with the victims as they pursue justice.
He also disclosed that he had received threatening phone calls warning him not to get involved, with chilling implications that “there will be no tomorrow.” Despite this intimidation, he and the fellow officials were determined to attend, drawing strength from community support.
Mayor Wu, who is a real estate professional, expressed his dismay over the loss of lifelong savings for so many individuals. He condemned the scheme not only for shattering families’ dreams but also for inflicting widespread harm on the community. He urged victims to come forward and educate others about similar fraudulent schemes to prevent future occurrences.
Councilman Kang characterized the fraud as shockingly shameful and utterly devoid of compassion. He expressed disbelief that the perpetrators could find peace at night, vowing to leverage his position as an elected official to assist the victims in any way possible.
Current statistics indicate that 80% of the victims are retirees, along with others such as single mothers, low-income earners, workers, small business owners, doctors, and engineers. Several victims shared their experiences at the conference, with some breaking down in tears. Over a hundred individuals have reported their cases to the FBI, and organizers called on more victims to come forward, encouraging them to reach out to FBI agent Bradley T. Pesek at 626-407-1651 or via email.
