Sherry Xue jailed for funnelling Chinese investor funds to Trump campaign
The New York businesswoman was ordered to forfeit US$31.5 million and property at three locations, and to make restitution to her victims
A New York businesswoman was sentenced on Friday to nine years in federal prison over a financial scheme that ripped off more than US$30 million from foreign investors and funnelled some of the stolen money into American political campaigns, including a fundraiser for US President Donald Trump.
Sherry Xue Li was also ordered to forfeit US$31.5 million, as well as property at three locations, and to make restitution to her victims.
The 54-year-old Oyster Bay resident, who has been detained since her arrest in 2022, pleaded guilty last year to money laundering conspiracy and conspiracy to defraud the US by obstructing the Federal Election Commission’s administration of campaign finance laws.
Her co-defendant, Lianbo Wang, also pleaded guilty to similar charges and was sentenced to five years in prison.
Li’s lawyer did not immediately respond to an email seeking comment Friday, but US Attorney Joseph Nocella said she “faces justice for her cynical schemes”.
“She peddled false promises and outright lies to her many investors and stuffed her pockets while they suffered devastating losses,” he said in a statement.