Additional Information for SuiteLife Norcal, LLC

The following describes a pending government action that has been formally brought by a government agency but has not yet been resolved. We are providing a summary of the government’s allegations, which have not yet been proven.

On April 26, 2023, a federal grand jury indicated Derek Vincent Chu, president of Suitelife NorCal LLC. Charges include eight counts of wire fraud and three counts of money laundering.

The indictment stems from allegations that between late 2013 and 2020, Mr. Chu used his various companies to raise $39 million by soliciting investments in the purchase and resale of professional basketball tickets and luxury suites at multiple venues. Mr. Chu encouraged investors by misrepresenting how funds would be utilized, how they would be repaid and whether their investment was secured by collateral. According to the allegations the defendant utilized investors’ funds to repay earlier investors and personal expenses.

It is alleged that Mr. Chu diverted more than $7.3 million of investors’ money for his own personal use that included paying for travel expenses, luxury automobiles and jewelry purchases.

If you believe you are a victim in this case, contact the United States Attorney’s Office for the Northern District of California’s victim specialists via email at: USACAN.DCVictimAsst@usdoj.gov.

This case is currently pending.