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A San Jose man pleaded guilty Friday to embezzling hundreds of thousands of dollars from investments intended to assist local Vietnamese families when their elderly relatives died, according to Santa Clara County prosecutors. Davie Ba Ngo, 53, a former manager of the Concerned Members Committee, embezzled more than $200,000 in membership fees between 2000 and 2011, prosecutors said. Members paid the fees in return for a promise to pay a lump sum to beneficiaries when they died, prosecutors said. Many lost all the money they contributed when the fund became insolvent, prosecutors said.
“Elderly members of CMC entrusted their hard-earned money to Mr. Ngo in the hope that it would be a financial relief to their families when the time came for funeral cost and related expenses,” Deputy District George Behrens said. “Many families were left with nothing.” Ngo faces up to three years and eight months in custody, and is scheduled to be sentenced March 1. His accomplice, Stephanie Tuyet Le, 32, also pleaded guilty to a single felony charge and will be sentenced to up to 16 months in the county jail. Ngo remains in custody pending sentencing.
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