New York, New York — A New York businesswoman was sentenced Friday to nine years in federal prison for orchestrating a scheme that defrauded foreign investors of more than $30 million and funneled some of the money into U.S. political campaigns, including a fundraiser for President Donald Trump.
Sherry Xue Li, 54, of Oyster Bay, pleaded guilty last year to money laundering conspiracy and conspiracy to defraud the United States by obstructing the Federal Election Commission’s enforcement of campaign finance laws. A federal judge also ordered her to forfeit $31.5 million, surrender property at three locations and pay restitution.
Prosecutors said Li and co-defendant Lianbo Wang persuaded investors, many from China, to contribute $500,000 each to a fictitious development project that falsely promised lawful permanent resident status. Instead, authorities said millions were diverted for personal expenses and political donations.
Investigators said the pair charged $93,000 per investor for access to a 2017 Trump fundraiser and used the proceeds to make $600,000 in illegal campaign contributions. Wang previously received a five-year sentence.
Sources:
Discover more from News Facts Network
Subscribe to get the latest posts sent to your email.
