San Diego woman pleads guilty in $400M Ponzi scheme – By SF Gate Staff (SF Gate) / July 22 2020
SAN DIEGO (AP) — A San Diego businesswoman who authorities say ran a $400 million investment fraud scheme involving liquor licenses pleaded guilty Wednesday to federal charges.
Gina Champion-Cain entered pleas to conspiracy, securities fraud and obstruction of justice. She could face up to 15 years in prison when she is sentenced in October.
Champion-Cain was accused of bilking more than 100 investors around the United States out of millions that she claimed would be used for high-interest loans to people seeking California liquor licenses.
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