North County man accused of using investment funds for gambling, luxury cars
SAN DIEGO (FOX 5/KUSI) -- A 39-year-old Oceanside man was charged Thursday with five counts of wire and mail fraud in an investment fraud scheme, according to prosecutors. He entered a plea of not guilty to all the charges in the indictment.
Sang Phuoc Do Le, also known as "Andy Le," is accused of defrauding investors who unwittingly funded the defendant’s gambling habit and luxury car purchases rather than supposedly-profitable Apple reseller businesses, the United States Department of Justice said in a news release.
Le allegedly told investors he owned two businesses, MobileSky and MobileSky2 (combined together as the "MobileSky Companies”), that purchased bulk supplies of Apple iPhones and sold them overseas for profit, which wasn't the case, according to a complaint. The business name "MobileSky" belonged to a person Le knew in Northern California, prosecutors said.
Charging documents revealed the business as a Ponzi-like scheme in which some investors were paid small returns from the investments of others, but many never received any of their promised profit or their original investment back.
On July 23, 2025, Le was arrested after returning to Oceanside from a recent casino stay in Arizona.
"Instead of using investor funds for the MobileSky Companies, the indictment contends that Le diverted the money for his own personal use, spending it on gambling, luxury cars, and luxury items. He also used the money to make Ponzi-like payments to other investors. As a result of his investment fraud, Le induced investors to part with more than $2 million by wiring and mailing him the funds," the DOJ said.
Le allegedly deposited large sums of cash and also had investors wire funds directly to such casinos, which he would use to gamble and not purchase bulk supplies of iPhones, according to the complaint.
Le, who has been ordered detained without bail at this time, faces a maximum penalty of twenty years in prison, a $250,000 fine and mandatory restitution to victims.
A motion hearing/trial setting is scheduled for Sept. 19, 2025, at 11 a.m.
