Mukilteo resident Ga-ram “Andy” Park, founder and CEO of Vehicle Mining Systems USA (VMS), is facing accusations of orchestrating a Ponzi scheme that allegedly caused more than $10 million in losses to investors. The cryptocurrency trading company VMS, established in 2022, promised significant returns from Bitcoin and Ethereum mining, attracting numerous investors, particularly elderly Korean Americans.

According to victim reports, Park allegedly maintained exclusive control over investors’ wallets and engaged in a “pump and dump” maneuver involving VMS and VMS Classic coins, both of which have since been delisted. The value of VMS coins has plummeted to a fraction of a cent, compounding the financial damage for participants.

Park’s background includes roles as a missionary in Lynnwood and the founding of a nonprofit in Sacramento, activities that some accusers suspect may have been used to create a veneer of trust. At least 50 investors, alongside advocates, claim Park intentionally targeted vulnerable individuals in Washington, California, and Oregon. Victim accounts describe being persuaded to invest thousands of dollars, only to find their wallets emptied and assets locked or inaccessible.

The case has prompted involvement from community leaders and the Washington State Department of Financial Institutions. Some accusers allege Park is now in South Korea presenting himself as a philanthropist, while continuing to make use of invested funds. Efforts are underway to unite affected investors and pursue legal action, as more victims come forward sharing similar experiences.