Las Vegas couple ran $2B luxury car scheme, gambled last $10K in poker tournament: police
The revelations come from a 94-page arrest warrant for Jong Rhee, 45, and Neelufar Rhee, 34 — who Las Vegas Metro police took into custody on May 22. Each faces dozens of charges for allegedly persuading people to invest in the luxury items, saying 'the assets would be resold to overseas buyers at massive profit margins,' police said. However, detectives suspect no buyer ever existed.
Jong Rhee allegedly promised investors that he could make money in the scheme to 'acquire high-value, exotic cars.' 'Wealthy clients in Singapore' would then buy the cars, delivering a $2.5 billion profit off of a $57 million investment because of that country's 'import restrictions,' police said.
The couple conducted the alleged fraud scheme through two of their businesses: Twisted Twins Motorsports and Lusso Auto Spa, police said. State business records indicate that the Rhees are associated with businesses in Las Vegas and Henderson.
Metro detectives suspect the couple netted $57 million 'for purchasing seven high-value motor vehicles by materially fraudulent misrepresentation,' documents said. In all, detectives list dozens of high-end and exotic cars and boats as part of the investigation, including models from Bugatti, Porsche and Rolls-Royce.
One investor was allegedly promised a hefty return on an investment from the overseas purchases, documents said. Records show Jong Rhee 'never contacted anyone to sell [the vehicles in question] for $2 billion,' documents said.
In one case involving a 2024 Rolls-Royce Spectre, Jong Rhee said he could receive $7.5 million for the vehicle with a value of $526,000, documents said. Another involving a $3.9 million boat involved a $13.5 million Singaporean purchase.
Last July, Jong Rhee reportedly paid $60,000 for he and his wife to fly in a private plane to Missouri to go boating, documents said. The boat the pair and their friends rode on that weekend was supposed to be sold to 'Jong's overseas connection,' police said. Police also said the Rhees attempted to buy a bar and a home in Lake Havasu, Arizona, and traveled with an investor's money to California.
In October, a judge signed off on a warrant to search the couple's $2 million Henderson home and businesses. As part of that search, police seized dozens of high-end cars.
Detectives also obtained text messages between the couple, which they said made it 'evident that Jong and Neelufar were under intense pressure due to mounting debts, delayed payments, and unreliable business partners,' documents said.
An April 2024 text from Jong Rhee involving outstanding payments on debts read: 'We r [sic] big trouble money,' according to police. Another text from Jong Rhee read, 'Right now, our lives are on the line.'
The couple became 'so desperate for money' in 2024 that Jong Rhee bet their last $10,000 to gamble in the World Series of Poker, police said.
'Jong frequently gambled and played poker, especially when he and Neelufar struggled financially,' police said. 'He participated in tournaments similar to the World Series of Poker, which required significant buy-in amounts. Jong would often spend several days playing poker, further contributing to their financial distress. On July 8, 2024, while at a poker event, Jong told Neelufar, 'I don't think I've lost 99% 4 [sic] times in [my] whole life now 4 [sic] times in one month.' He believed that a big win would solve all of their money issues.'
Both Rhees face 78 felony charges, including racketeering, money laundering, and forgery, records said. Based on redactions in court documents, it was not clear how many alleged victims were involved in the case.
Both posted $100,000 bail, records said. They were not scheduled to return to court until June 9.
Two other people, Crisfin Deguzman and John Baudhuin, also face charges connected to the case, records said.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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