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San Diego Business Leader Gina Champion-Cain Sentenced to 15 Years for Massive Ponzi Scheme

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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 co-conspirators kept the scheme going by, among other things, fabricating documents, forging 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.

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

San Diego Woman Behind $400M Ponzi Scheme Gets 15-Year Prison Sentence
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'Mente maestra' detrás del esquema Ponzi de $ 400 millones, Gina Champion-Cain, sentenciada a 15 años de prisión – Telemundo 52

'Mente maestra' detrás del esquema Ponzi de $ 400 millones, Gina Champion-Cain, sentenciada a 15 años de prisión – Telemundo 52
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San Diego businesswoman gets 15 years in prison for ponzi scheme

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.

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

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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.”
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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 to Wednesday’s press release.

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Gina Champion-Cain Sentenced for Ponzi Scheme – NBC Bay Area

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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.
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"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 her failing Patio restaurants and other retail businesses."

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

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

San Diego Woman Behind $400M Ponzi Scheme Gets 15-Year Prison Sentence
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San Diego businesswoman sentenced to 15 years in prison for ponzi scheme -

San Diego businesswoman sentenced to 15 years in prison for ponzi scheme -
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