Sherry Xue Li Sentenced for $30M Fraud

Sherry Xue Li, a New York businesswoman, was sentenced to nine years in federal prison for orchestrating a financial scheme that defrauded foreign investors, many from China, of over $30 million. She and her co-defendant, Lianbo Wang, convinced investors to contribute to a fictitious development project with false promises of lawful permanent resident status in the United States. Instead, they used the funds for personal expenses and to make illegal contributions to U.S. political campaigns, including a fundraiser for Donald Trump. Li was also ordered to forfeit $31.5 million and make restitution to her victims. Lianbo Wang received a five-year prison sentence for his involvement. The campaigns and committees were unaware of the illegal nature of the donations.