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Woman behind $400M scam sentenced to 15 years in prison

© iStock A longtime San Diego business and real estate figure on Wednesday was sentenced to 15 years in prison for a massive scheme that defrauded investors out of nearly $400 million.  Gina Champion-Cain previously admitted to obtaining more than $350 million from investors as part of a fake liquor-license loan funding program, according to a press release from the U.S. Attorney’s Office for the Southern District of California.  Prosecutors in the case argued that Champion-Cain along with co-conspirators instead used funds from investors to “support her other businesses and her lifestyle.”  ADVERTISEMENT Court records indicated that the woman was able to maintain the scheme and hide it from investors by forging documents and signatures, and “telling investors lies through fake email accounts so that when investors attempted to double-check on their investments with third parties, they were often really communicating with the defendant or her employees,” according

San Diego Woman Behind $400M Ponzi Scheme Gets 15-Year Prison Sentence

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.

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