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Nearly 1 1/2 years after the Securities and Exchange Commission accused Gina Champion-Cain of operating a $300 million fraudulent investment scheme, the case is nearing an end this week with a proposed settlement in which the former San Diego businesswoman admits her guilt.
The court filing by the SEC stipulates that Champion-Cain must pay the “disgorgement of ill-gotten gains,” plus interest and a civil penalty, which will be determined by the federal judge overseeing the case.
The SEC filing also states that Champion-Cain admits to the allegations in the federal plea agreement accusing her of fraudulently raising hundreds of millions of dollars from investors by offering them an opportunity to make short-term, high-interest loans to individuals seeking to acquire liquor licenses. In truth, Champion-Cain, the complaint alleged, never used the money to make loans but instead diverted the funds to companies she controlled.
FAIRFIELD-SUISUN, CALIFORNIA
SEC’s securities fraud case against Gina Champion-Cain nearing an end with proposed settlement [The San Diego Union-Tribune]
Nearly 1 1/2 years after the Securities and Exchange Commission accused Gina Champion-Cain of operating a $300 million fraudulent investment scheme, the case is nearing an end this week with a proposed settlement in which the former San Diego businesswoman admits her guilt.
The court filing by the SEC stipulates that Champion-Cain must pay the “disgorgement of ill-gotten gains,” plus interest and a civil penalty, which will be determined by the federal judge overseeing the case.
The SEC filing also states that Champion-Cain admits to the allegations in the original federal complaint accusing her of fraudulently raising hundreds of millions of dollars from investors by offering them an opportunity to make short-term, high-interest loans to individuals seeking to acquire liquor licenses. In truth, Champion-Cain, the complain
The scheduled sentencing next week of former restaurateur Gina Champion-Cain on criminal conspiracy and securities fraud charges has been postponed until March 1 because of the ongoing surge in coronavirus cases.
U.S. District Judge Larry Burns, in an order Monday, announced the delay, which he said
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These are the key companies, business issues and trends to watch in San Diego County in 2021 as selected by the U-T business reporters.
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Will home prices keep climbing?
The median price of a home in San Diego County rose 9.3 percent annually to a median of $650,000.
(The San Diego Union-Tribune
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A combination of factors during the pandemic caused the San Diego County median home price to rise 9.3 percent annually to a median of $650,000. One of the drivers: Record low mortgage rates that, for now, are expected to continue into 2021. But, the big change might be more homes coming on the market as vaccines are widespread, which many analysts think will slow price gains. The reason? Home inventory plummeted as COVID-19 hit because real estate agents said many sellers wanted to wait until after the pandemic was over to sell. This led to intense homebuyer competition, which drove up prices. We will have to see if this predicted increase in inventory will actually happen and if