Busted by the Washington State Securities Division for operating an investment scam called Illuminized, Inc.
From what we understand he also runs a rental scam in and around Yelm targeting newly arrived RSE students.
Illuminized, Inc. and Lee Van Nguyen - S-10-044-10-FO01 - Final Order
On October 13, 2010, the Securities Division made an Entry of Findings of Fact and Conclusions of Law and Final Order to Cease and Desist and to Charge Costs (“Final Order”) against Respondents, Illuminized, Inc. and Lee Van Nguyen (“Nguyen”). The Securities Division found that Respondents did business in Seattle, Washington. The Securities Division found that Respondents had each offered and sold a $50,000 investment to a Washington investor without disclosing important information about the investment, including the risks of the investment and financial information about the purported guarantor and the issuer of the investment. The Securities Division found that Respondents had each violated RCW 21.20.010, the anti-fraud provision of the Securities Act of Washington. The Securities Division ordered Nguyen to pay investigative costs of $2,500. Respondents each have the right to request judicial review of the Final Order. The Securities Division had entered a Statement of Charges against Illuminized, Inc. and Lee Van Nguyen on June 18, 2010.
Misrepresentations or Omissions
4. When offering and selling the investment, Respondents each represented to the investor that the
investment was "guaranteed" and had no risk. Respondents each failed to disclose the risks of the
investment. Respondents each failed to disclose the source of any guarantee for the investment.
Respondents each failed to give the investor financial information about the investment, including
financial statements for the issuer of the investment or any guarantor of the investment. Respondents each
failed to disclose how the investor’s funds would be used. Respondents each failed to disclose that
Illuminized Corporation was not registered with the Washington Secretary of State or the Nevada
Secretary of State. Respondents each failed to disclose the business operating history of Illuminized, Inc.,
dba Illuminized Corporation. Respondents each failed to disclose that the investor could lose the entire
amount of the investment. To date, the investment has never been repaid.
Washington Securities Division - Administrative Orders 2010