Federal authorities have accused a New York man of defrauding investors out of millions of dollars and using the misappropriated funds to pay for a lavish lifestyle -- luxury cars for himself and something a bit more unusual for his wife . Authorities say Whileon Chay spent more than $ 150,000 in order to have his deceased spouse cryogenically frozen . She died in `` in or about 2009 , '' according to the indictment . Cryogenic freezing has been portrayed as a way to preserve living or dead people in order to revive them in the future , according to the Cryonics Institute . The indictment , unsealed on Friday in Manhattan federal court , accuses Chay of soliciting more than $ 5 million from investors in commodities pools , which supposedly were primarily engaged in foreign exchange trading . Chay , 38 , lost more than $ 2 million in commodities trading and in 2011 fled the United States for Lima , Peru , according to a release from the Manhattan U.S. Attorney 's Office . `` Whileon Chay deceived investors about the commodities pools he managed , claiming to be a successful trader when he in fact was losing millions and misappropriating investors ' money for his own use , '' said U.S. Attorney Preet Bharara in a statement . Chay has been charged with mail and wire fraud , which each carry a maximum term of 20 years in prison . He also was charged with commodities fraud , which has a maximum of 10 years . According to Bharara 's office , Chay promised investors approximate annual return rates of 24 % and claimed that `` [ t ] here is no risk in this activity . '' `` [ W ] e have never had a loosing [ sic ] month , '' he told investors , according to the release . The U.S. Commodities Futures Trading Commission had previously sued Chay and his company , 4X Solutions , Inc .
Federal prosecutors accuse Whileon Chay of defrauding investors out of millions . They say he spent $ 150,000 to cryogenically freeze his wife . He then used the money for personal expenses, including a new car and an expensive home in Florida.