US-based woman who swindled Chinese investors out of more than US$26 million jailed for 20 years
- Serena Shi Ruixue solicited investments, mainly from Chinese investors, in a 207-unit luxury complex to be built near Los Angeles
- In reality, she spent much of the money on luxury cars, travel, clothing, dining and shopping, including US$800,000 at a ‘full-service styling agency’
A woman who swindled investors in a Southern California hotel and condominium project out of at least US$26 million has been sentenced to 20 years in federal prison.
Serena Shi Ruixue, 38, of Arcadia was sentenced on Monday after a judge refused to allow her to withdraw her plea last year to wire fraud.
“There has been no acceptance of responsibility; there has been a denial of responsibility,” said US District Judge R. Gary Klausner, according to a press release from the US Department of Justice.
Prosecutors said that from late 2015 to mid-2018, Shi was the general manager of a real estate company based in China that had a Los Angeles office. She solicited investments, mainly from Chinese investors, in a 207-unit luxury complex to be built in the city of Coachella, in the desert southeast of Los Angeles.
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In reality, Shi spent much of the money on luxury cars, travel, clothing, dining and shopping, prosecutors said. That included US$800,000 at a “full-service styling agency” in Beverly Hills, prosecutors said.
“While her victims suffered financial ruin and psychological torment, [Shi] was living large off their investments,” prosecutors said in a sentencing document.
In court statements, more than two dozen victims submitted statements.
“Several discussed their reliance on Shi’s false promises that their investments would assist them in securing visas to immigrate to the United States. One victim even wrote that, after losing his retirement savings to Shi’s scheme, he ‘even contemplated suicide,’ the Department of Justice statement said.
In addition to prison time, Shi was ordered to pay US$35.8 million in restitution.
