California developer pleads guilty to defrauding investors, using over $2 million for personal expenses

EB-5 News

Date

Nov 23, 2021

Category

Fraud

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Ruixue “Serena” Shi collected over $22.8 million from investors, mostly Chinese, who thought they were funding a luxury Coachella hotel and condo development. In reality, Shi lied about how much land was purchased, having city development approvals, and project progress — she sent investors fake photos of construction which hadn’t even begun. Shi used $2.2 million for luxury travel, two Mercedes vehicles, and designer clothes. She faces up to 20 years in prison. See the Desert Sun article

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