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Details Written by Imperial Valley News San Diego, California - Gina Champion-Cain, a long-time San Diego business leader, restauranteur, and real estate magnate, was sentenced in federal court Wednesday to 15 years in prison for masterminding a massive, years-long Ponzi scheme and obstructing justice by hiding and destroying evidence from federal investigators. When she pleaded guilty on July 22, 2020, Champion-Cain admitted that she raised more than $350 million from investors by promising to use their money to make loans to business owners who were attempting to acquire California liquor licenses. The investors were unaware, however, that Champion-Cain was not keeping her promise. According to court records, Champion-Cain and her co-conspirators instead used funds from new investors to pay back others whose investments would soon be redeemed, and embezzled funds to support her other businesses and her lifestyle. Champion-Cain and her ....
'Mente maestra' detrás del esquema Ponzi de $ 400 millones, Gina Champion-Cain, sentenciada a 15 años de prisión – Telemundo 52 telemundo52.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from telemundo52.com Daily Mail and Mail on Sunday newspapers.
San Diego Woman Behind $400M Ponzi Scheme Gets 15-Year Prison Sentence iheart.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from iheart.com Daily Mail and Mail on Sunday newspapers.
San Diego businesswoman sentenced to 15 years in prison for Ponzi scheme Gina Champion-Cain, 57, ran what prosecutors characterized in court as the largest known Ponzi scheme in the history of the Southern District of California. Author: David Gotfredson (Investigative Producer), City News Service Published: 1:44 PM PDT March 31, 2021 Updated: 6:25 PM PDT March 31, 2021 SAN DIEGO COUNTY, Calif. A San Diego businesswoman who orchestrated a nearly $400 million Ponzi scheme, in which she took investor funds intended as loans for liquor licenses and funneled the money into her companies and for personal purchases, was sentenced Wednesday to 15 years in federal prison. Gina Champion-Cain, 57, ran what prosecutors characterized in court documents as the largest known Ponzi scheme in the history of the Southern District of California, which encompasses San Diego and Imperial counties. ....
NBCUniversal Media, LLC 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 he ....