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Prominent San Diego businesswoman Gina Champion-Cain, who pleaded guilty in June 2020 to securities fraud, conspiracy and obstruction of justice for defrauding investors out of $400 million through a liquor-license loan funding program, learned her fate on Wednesday.
U.S. District Judge Larry Alan Burns sentenced Champion-Cain to 15 years in prison the maximum sentence at the federal building on Front Street in downtown San Diego. Download our mobile app for iOS or Android to get the latest breaking news and local stories. During the hearing, several victims spoke to the judge, said Assistant United States Attorney Andrew Galvin outside court on Wednesday. Nearly 500 victims poured over $350 million into Champion-Cain s sham investment scheme. Ms. Champion-Cain did not use the money to finance liquor-license transactions, as she told investors. Rather, she used tens of millions of dollars to line her own pockets and to support her failing Patio
Longtime Californian restaurateur sentenced for role in $350M Ponzi scheme
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and last updated 2021-04-01 09:27:25-04
SAN DIEGO (KGTV) â Longtime San Diego business leader and restaurateur Gina Champion-Cain was sentenced to 15 years in prison Wednesday for her role in a years-long Ponzi scheme, among other charges.
Champion-Cain pleaded guilty on July 22, 2020, to raising more than $350 million from investors with the promise of making loans to business owners trying to get California liquor licenses, only to use that money with co-conspirators to pay back others whose investments would soon be redeemed and support her businesses that were failing or had negative cash flow and lifestyle expenses, according to the office of acting U.S. Attorney of the Southern District of California Randy Grossman.
By Rebekah Gonzalez
In June 2020, a prominent San Diego businesswoman
On Wednesday, March 31, U.S. District Judge
Larry Alan Burns sentenced Champion-Cain to the maximum sentence of 15 years in prison, reports During the hearing, several victims spoke to the judge, said Assistant United States Attorney
Andrew Galvin. Nearly 500 victims poured over $350 million into Champion-Cain s sham investment scheme. Ms. Champion-Cain did not use the money to finance liquor-license transactions, as she told investors. Rather, she used tens of millions of dollars to line her own pockets and to support her failing Patio restaurants and other retail businesses.
In a news conference following the sentence, it was revealed that the judge handed down a harsher sentence than what was recommended by prosecutors.
Longtime Californian restaurateur sentenced for role in $350M Ponzi scheme
Pool feed
and last updated 2021-04-01 09:27:25-04
SAN DIEGO (KGTV) â Longtime San Diego business leader and restaurateur Gina Champion-Cain was sentenced to 15 years in prison Wednesday for her role in a years-long Ponzi scheme, among other charges.
Champion-Cain pleaded guilty on July 22, 2020, to raising more than $350 million from investors with the promise of making loans to business owners trying to get California liquor licenses, only to use that money with co-conspirators to pay back others whose investments would soon be redeemed and support her businesses that were failing or had negative cash flow and lifestyle expenses, according to the office of acting U.S. Attorney of the Southern District of California Randy Grossman.