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San Diego CEO Gina Champion-Cain faces 15 years in prison for a massive Ponzi scheme and obstruction of justice. Scroll here to learn all about them.
Gina Champion-Cain is a longtime executive director, restaurateur, and real estate magnate based in San Diego. She was sentenced in federal court to 15 years in prison for being behind a massive, year-long Ponzi scheme and obstructing justice by hing evence.
She reportedly admitted that she had raised more than $350 million from investors. She promised to use her money to make loans to business owners trying to acquire a California liquor store. Little d investors know, however, that it failed to deliver on its promise.
Alongse Gina, Crispin Torres was also sentenced to four years in prison for using funds from investors to prop up her business. Torres is the former Chief Financial Officer of one of Champion-Cain’s companies.
Is Gina Champion-Cain Net-Worth Marked At $20 Million?
Back in 2020, the court-appointed receiver tied $15 million in net worth to Gina Champion-Cain and her companies. They reported the news of their fortune after five months of accusing them of running a $300 million scheme to defraud investors.
Recipient Krista Freitag announced that her fortune includes at least 60 companies and more than 40 bank accounts. Subsequently, the estimated valuation of the assets ranged from $3 million to $15 million.
However, Fray would likely change due to fluctuations in the selling price of Champion-Cain’s properties, including their restaurants. All of their properties have been put up for sale, three of which have already been sold in 2020.
Who Is Gina Champion-Cain Husband? Find Out If She Is Married
Gina Champion-Cain is reportedly married and living with her husband in north Mission Hills prior to her arrest. Champion’s spouse has deced to stay out of the spotlight.
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Gina made headlines with her Ponzi scheme. People started discussing their arrests on all social media. In addition to their arrest and charges, they also showed interest in their personal lives. However, the businesswoman has kept her private life secret.
All of their social media is private and all of their personal information is unavailable. According to court records, Champion-Cain and her co-conspirator received funds from new investors to repay others whose investments would soon be repa.
How Old Is Gina Champion-Cain? Her Age In Wikipedia
According to Wikipedia, Gina Campion-Cain’s age is 57 years. She was born on February 15, 1965 in Ann Arbor, Michigan. Gina later moved to San Deigo, California in 1987.
She studied law at the University of San Deigo before switching to economics. Gina later graduated with an MBA.
Gina Champion-Cain, 57, received more than prosecutors’ recommended sentence and was taken into custody in the courtroom. She pleaded guilty to conspiracy, securities fraud and obstruction of justice in July pic.twitter.com/5Z3FBQkanb
— Space Reporter News (@Spacereportern1) April 2, 2021
Where Is Gina Champion-Cain Family After Her Arrest On Ponzi Scheme Charge?
Gina Champion-Cain’s family have stayed out of the spotlight following her arrest on charges of securities fraud, conspiracy and obstruction of justice.
Meanwhile, according to Gina’s parents, Daniel and Barbara Champion agreed to return $3,30,000 of the $3,54,337. The recipient Krista Freitag Champions transferred the amount from Gina’s company.
The $400 Million Ponzi Scheme That Suckered San Diego
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Gina Champion-Cain still on the hook for millions of dollars owed to investors she swindled
Gina Champion-Cain, now in jail for plotting a nearly $400 million pyramid scheme, may have to pay her hundreds of victims what is likely to be millions of dollars in compensation, a judge ruled of the Federal Court of Justice on Monday provisionally.
Although U.S. District Judge Larry Burns was unwilling to set a specific dollar amount, he did agree that the amount due will be significantly less than investors’ total net losses of $1,000 due to significant settlements already negotiated with a major title insurance company $183 million.
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Victims are also entitled to funds that are still being amassed through court-appointed receivership. It appears, Burns said, that ultimate recovery for the more than 300 victims could reach 90 to 95 percent of their net losses.
What victims aren’t entitled to, Burns said, is a “double reclamation,” meaning the refund must first consider other payouts investors received to cover their losses under Champion-Cain’s bogus liquor licensing program .
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A court-appointed bankruptcy trustee, who took control of Champion-Cain’s business and real estate assets shortly after she was charged with securities fraud in 2019, estimates that victims of the Ponzi scheme are entitled to around $33 million in claims have against the bankruptcy trustee. This total takes into account both existing and pending third-party settlements that show recovery rates of 50 to 100 percent of investor losses.
The receiver currently has more than $27 million in bank balances, although some of that is needed to cover administration costs, bankruptcy attorney Ted Fates told the judge. Bankruptcy trustee Krista Freitag is also still pursuing recovery claims from the few investors who benefited from the pyramid scheme, which could potentially mean more money for the victims.
While settlement payments have flowed steadily over the past year, it could be many, many years before betrayed investors see monetary compensation — if any — from Champion-Cain.
“She doesn’t have the financial means now,” her attorney David Scheper said after the court hearing. “But I believe that after (prison) life she will spend trying mightily to get everyone back to health.”
Champion-Cain, who was sentenced to 15 years in prison more than a year ago, did not appear in court but attended remotely from the federal correctional facility in Dublin, Northern California, where she is serving her time. She made no statements during the hearing.
Champion-Cain’s co-conspirator in financial fraud, Crispin Torres, who pleaded guilty to a single conspiracy charge and was sentenced to four years in prison last year, is also on the hook for restitution. He, too, appeared remotely for Monday’s hearing.
Burns expressed some frustration at the time it has taken to finally deal with the restitution, considering Champion-Cain was sentenced in March 2021. The hearing had been postponed several times.
He also acknowledged that some ongoing disputes between the bankruptcy trustees and some investors, as well as a pending settlement with Chicago Title, are holding back a final outcome.
“I don’t want to wait forever and ever,” Burns said. “The receiver has made impressive progress and a lot has been done.”
A court hearing scheduled for late August to address the pending settlement will likely help the court determine a more accurate refund amount, Burns agreed.
Ponzi scheme victims have been fortunate to have recovered relatively large amounts so far, which is not a typical outcome of most Ponzi schemes. That’s in large part due to the fact that they’ve managed to track down a financial institution with deep pockets.
Beginning in 2011, Champion-Cain solicited investment funds for what she had described as high-interest loans that would be given to cash-strapped liquor license applicants who needed to pay a large sum of money upfront while their applications were pending.
However, the loans were never granted. Investors’ money was instead channeled to ANI Development and American National Investments, companies owned by Champion-Cain, which in some cases used the funds to prop up their failing businesses. Chicago Title, which has never admitted fault, was used by Champion-Cain to set up the escrow accounts for the loan program.
The math Friday used to determine the remaining monies the bankruptcy trustee owes investors is somewhat complex, but critical to determining the ultimate reimbursement owed by Champion-Cain and Torres.
Chicago Title has already paid out nearly $164 million to losing investors, Freitag says, but she notes in court filings that two investors received payouts that exceeded 100 percent of their losses by $36 million. To get a correct calculation of how much investors have already received to cover their net losses, she subtracted that amount from the $164 million to get $128 million.
That means investors are still down $55 million out of the total $183 million they lost, Friday calculated. If Burns agrees to approve the final Chicago Title agreement in August, which would pay more than $22 million to nearly a dozen investors, that would leave $33 million in claims against the bankruptcy trustee, concluded Friday.
“At the end of the day, we don’t know exactly where we’re going to end up,” Fates told Burns. “It will be much clearer by August. Then we really know how much we can distribute and can actually start sending checks.”
Unpaid sellers are not eligible for a refund from Champion-Cain; however, they are entitled to demand reimbursement from the receivership. Friday tabulated just over $1 million in allowable claims from these creditors, including a construction company that has worked on some of Champion-Cain’s restaurant projects, some law firms and the US Treasury Department.
Business Exec Gina Champion-Cain Admits She’s ‘Mastermind’ Behind $400 Million Ponzi Scheme
Prominent San Diego businesswoman Gina Champion-Cain pleaded guilty Wednesday to securities fraud, conspiracy and obstruction of justice for defrauding investors out of $400 million through a liquor licensing loan financing scheme.
“Champion-Cain admitted under oath in court that she was the mastermind behind a massive $400 million Ponzi scheme involving hundreds of victims from California and around the country,” said US Attorney Robert Brewer at a news conference at the Federal Building on Front Street in New York in downtown San Diego on Wednesday, adding that “this is the largest such undertaking ever investigated by this office.”
After pleading guilty, Champion-Cain left US District Court in San Diego with her attorney. NBC 7 reporter Artie Ojeda asked Champion-Cain if she had any comment on her admission to conducting what US Attorney Robert Brewer called “the largest Ponzi scheme discovered in this district.”
“No, but thanks for asking,” she replied.
Stay up to date with local news and weather. Get the NBC 7 San Diego app for iOS or Android and choose your notifications.
The ex-operator of The Patio Group restaurants tricked investors into thinking they had the ability to fund high-yield, short-term loans to people seeking California liquor licenses, according to the Securities and Exchange Commission.
BREAKING: In federal court, prominent San Diego businesswoman Gina Champion Cain just pleaded guilty to securities fraud, conspiracy and obstruction of justice. She had no comment as she left the court. You face up to 15 years in prison. #nbc7 pic.twitter.com/hmn0rMPcKf – Artie Ojeda (@ArtieNBCSD) July 22, 2020
The SEC said Champion-Cain will tell investors in American National Investment’s development business that they could earn a return on each approved license. According to a complaint filed in August 2019, she fabricated documents and then allegedly used investors’ money to support her lifestyle or fund her other businesses, such as Patio chain restaurants, Saska’s, coffee shops, lifestyle brands, and rental properties.
Brewer said the system had a very real human cost that defrauded many older investors of their entire retirement savings, including one who was forced into bankruptcy after losing millions. He said that Champion-Cain, 55, not only defrauded individual investors but also defrauded banks and mutual funds.
“A Ponzi scheme occurs when the criminal promises investors that they will invest money in a certain way and then breaks those promises,” Brewer said Wednesday. “Instead of investing the money, they use the new investors’ money for three main things: First, to pay back other investors who either return or redeem their investment. Second, to pay promised interest payments on previous investments, and third, to divert money into their own pockets.”
Hundreds of people across the country fell victim to Champion-Cain’s alleged fraud scheme from 2012 to 2019. A total of around $400 million “flowed into the program, which is based on [Champion-Cains] false statements,” according to the objection agreement.
“At least one of the victims was a financial institution that invested over $1 million in the loan program and lost,” prosecutors said in the agreement.
Champion-Cain used some of those funds to buy homes in Rancho Mirage and in Mission Beach, and about $2 million went toward her own salary, prosecutors said. A total of $840,000 was spent on San Diego Padres and Chargers tickets, about $200,000 was spent on jewelry, three-quarters of a million credit cards were paid out, and hundreds of thousands more went toward various expenses, including the purchase of a golf cart.
Prosecutors allege that Champion-Cain and her co-conspirators made multiple attempts to obstruct their efforts — after learning of the SEC investigation in May and the FBI’s parallel investigation in August — including changing the email American National Investments’ retention policy down to just 24 hours for itself and two other employees, deleting “a significant volume of emails responding to the SEC’s subpoena, many of which the defendants were known to be incriminating.” Additionally, in August, Champion-Cain ordered accountants to alter records of their personal expenses and two days later ordered other workers to shred large quantities of paper copies related to the loan program, knowing those documents were also incriminating .
Brewer said Wednesday that Champion-Cain also fabricated documents, forged signatures and sent fake emails to investors.
“An investor who became suspicious of Champion-Cain contacted the Securities and Exchange Commission, who launched an investigation that uncovered the fraud, filed a civil complaint and contacted our office,” Brewer said.
Shockingly, as investigators drew closer — between the days Champion-Cain ordered the email deletion and the shredders turned on — she was trying to get an additional $150 million in lending program investments to fund her bank accounts, which needed a cash injection to “hide the size and scope of the Ponzi scheme”.
Read the defense agreement below:
http://www.documentcloud.org/documents/7000108-GC-C-Plea-Agreement.html
The Liquor License Lending Program Scheme
The scam scheme began around 2012 when Champion-Cain first found an investor for a “loan program” to help new business owners obtain liquor licenses.
In California, an escrow account must be established to purchase a liquor license from an existing licensee. The money is withheld until the license is approved or denied, a process that Champion-Cain convinced investors was lengthy and costly for new business owners.
Champion-Cain provided interested lenders with a list of companies “seeking credit for their liquor license”. In reality, the list was fake and full of companies she found listed on Alcoholic Beverage Control’s (ABC) website with expired or canceled licenses.
Those business owners are willing to pay high interest rates for short-term loans to get their license, Champion-Cain told investors. The mogul would “negotiate” for investors and put the notional loan in escrow to be returned to business owners once the liquor licensing process is complete.
The first lender she unknowingly persuaded to participate invested tens of millions of dollars in the program. According to prosecutors, a “significant number of individuals and organizations” have poured tens of millions into the system.
The fraud involved other unnamed employees of ANI – at the direction of Champion-Cain – who forged signatures using a stamp bearing the signatures of employees of a trust company. On at least one occasion, Champion-Cain persuaded a real trustee to sign more than 20 fake trustee agreements to convince investors that the system was valid, prosecutors said.
To cover up their plan, Champion-Cain prevented the trust company from interacting with investors. In an email to the trust company, Champion-Cain wrote, “I always promised you I’d protect you from my crazy investors…” as an investor. I’ve got a lot of guys dying to give me money honey!! ! Ahahahahahahahaha. 😀 I love you, ladies!”, the agreement reads.
The lenders were willing to participate in the loan program in return for the promise of securities. They were told their funds would be pooled in an escrow account, meaning their profits depended on the success of the program.
To give investors a glimpse of its success, about $200 million was paid to investors.
What’s next?
The former mogul, to whom the city of San Diego once dedicated a day, faces up to 15 years in prison.
The prosecutors’ recommendation actually consists of three consecutive five-year sentences – for securities fraud, obstruction of justice and conspiracy – and a three-year period of supervised release. Their sentencing range from federal guidelines is 188 to 235 months in prison, Brewer said. She also faces fines and confiscation of property, as well as an order to make reparations to the victims.
While prosecutors said in the plea agreement that Champion-Cain “has expressed a desire to provide significant assistance to the government in investigating and prosecuting others,” they also said they have not yet evaluated the value of this offer of cooperation. However, if they determine that information about co-conspirators is valuable to them, they may “earn a downward variance from sentencing guidelines.”
Champion-Cain did not operate the massive fraud alone, prosecutors said. One of her co-conspirators, Crispin Torres Jr., has pleaded guilty in connection with the case. Torres, who was an accountant and later chief financial officer for American National Investments, used his position to determine when Champion-Cain’s businesses needed more money from investor funds.
“The plea agreement contains the word ‘co-conspirators’ at least 10 times…” Assistant US Attorney Aaron P. Arnzen said Wednesday. “That keeps other co-conspirators out there.”
Both Champion-Cain and Torres are scheduled to appear for sentencing on October 13.
What happened to the Patio Group restaurants?
In light of the scandal, Cohn Restaurant Group (CRG) took over operations of some of the Patio Group’s businesses, including The Patio on Lamont in Pacific Beach, Surf Rider Pizza in La Mesa and Ocean Beach, and Saska’s in Mission Beach.
The Patio on Goldfinch in Mission Hills and Fireside by the Patio in Liberty Station have been closed. The Mission Hills site was recently acquired by operators of La Puerta in San Diego’s Gaslamp District, who hope to open a satellite site sometime between October and February.
Champion-Cain has long been a respected member of the San Diego business community and has won numerous awards for her work.
These other San Diego-based ANI companies were also shut down as part of the Champion-Cain case:
Bao Beach, Mission Beach
Himmelbergs, East Village
Mission Beach Surf Co., Mission Beach
Patio Express, Mission Beach
Patio Express Mission Hills
Swell Coffee Co., Del March
Swell Coffee Co., Mission Beach
The Patio Marketplace, La Jolla
The Patio Marketplace, UTC
Surf Life, Mission Beach
A San Diego-based real estate investor is accused of defrauding dozens of victims out of $300 million through a liquor licensing loan financing scheme. NBC 7’s Jackie Crea reports.
This is an evolving story and will be updated as details are released.
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