Ponzi Scheme

Businessperson and restaurateur Gina Champion-Cain pleaded guilty in federal court in California to securities fraud for a $400 million Ponzi scheme in which she bilked investors based on false promises she would use their money to make loans to business owners attempting to acquire state liquor licenses.

SAN DIEGO — Businessperson and restaurateur Gina Champion-Cain pleaded guilty in federal court in California to securities fraud for a $400 million Ponzi scheme in which she bilked investors based on false promises she would use their money to make loans to business owners attempting to acquire state liquor licenses.

Categories / Criminal, Securities

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