New York Businesswoman Admits to $30 Million Fraud, Impacts US Political Campaigns
New York businesswoman Sherry Xue Li has pleaded guilty to a financial scheme defrauding over $30 million from foreign investors. The scheme involved fraudulent project investments and illegal US political campaign contributions. Li used the funds for personal expenses and was part of a plot impacting US elections.
In a major financial scandal, Sherry Xue Li, a New York businesswoman, has admitted to orchestrating a $30 million fraud scheme. The court heard she lured foreign investors, promising them permanent residency in the US through non-existent projects. Prosecutors revealed that Li funneled much of the stolen money into US political campaigns.
Li, facing up to 20 years in prison, pleaded guilty in a Long Island federal court. Allegedly partnering in crime with Lianbo Wang, who was sentenced earlier this year, Li's plot targeted investors primarily from China, leading to an elaborate and deceitful operation that spanned nearly a decade.
This scheme, which saw illegal political contributions, fraudulently engaged notable US politicians. Fundraisers unknowingly accepted these illegal funds. Li's plea involves the forfeiture of $31.5 million, emphasizing the gravity of the attempt to undermine fair US elections. Sentencing is set for December.
(With inputs from agencies.)
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