Vietnamese police announced Wednesday that they have arrested a Vietnamese-American man wanted by Interpol for allgedly engaging in fraudulent futures trading schemes in the US.
The arrest of Alexander Giap, 59, was made on January 29 in Ho Chi Minh City, police said.
Hanoi police previously received tip-offs that Giap had entered Vietnam via the Tan Son Nhat International Airport in HCMC.
He reportedly rented an apartment in District 3 and also traveled to various provinces.
Giap was arrested after arriving back in Vietnam from Thailand.
He was then transferred to Hanoi, pending procedures to be handed over to American police.
According to the US Commodity Futures Trading Commission, Giap is a convicted felon who pled guilty in 1995 to bid rigging, wire fraud, and bank fraud for his role in three separate criminal schemes that involved the buying, selling, and loan refinancing of residential real estate in northern Virginia from 1991 to May 1995.
In 2013, the Eastern District Court of Virginia found Giap engaged in two scams in which he acted as an unregistered Commodity Trading Advisor.
He ran the first scam January 2009 through at least September 2009, and took US$104,000 from 13 "students" to participate in iTRADE, a "school" he established to conduct his CTA business and solicit investments in it.
In the second scheme, which he ran from October 2009 through October 2011, Giap defrauded investors of more than $700,000.
He again acted as an unregistered CTA and advised at least four people about futures trading, directly through managed accounts in exchange for pay.