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Woman Bilked Calif. Complex Investors of $21.6M, DOJ Says

Tiomkin Law Offices of Elliott Tiomkin > Legal News  > Woman Bilked Calif. Complex Investors of $21.6M, DOJ Says

Woman Bilked Calif. Complex Investors of $21.6M, DOJ Says

Law360 (June 19, 2020, 8:52 PM EDT) — The FBI arrested a California woman Friday who is accused of swindling investors out of $21.6 million for a planned condominium and hotel complex in the Coachella Valley that was never built, telling Chinese investors their contributions would get them visas, prosecutors said.

Ruixue “Serena” Shi, a Chinese citizen living in Arcadia, is charged with wire fraud in a criminal complaint filed Wednesday and unsealed Friday. It alleges that between November 2015 and July 2018, Shi conned investors — mostly based in China — out of money she said would go to purchasing condos for between $400,000 and $700,000.

Shi, 36,…

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