Gina Champion-Cain, the San Diego Business leader, is facing a sentence of 15 years for a massive Ponzi scheme and obstruction of justice. Scroll to learn everything about her here.
Gina Champion-Cain is a longtime San Diego business leader, restauranteur, and real-estate magnate. She was sentenced in federal court to 15 years in prison masterminding a massive, years-long Ponzi scheme and obstructing justice by hiding evidence.
Reportedly, she admitted that she raised more than $350 million from investors. She promised to use their money to make loans to business owners who were trying to acquire California liquor business. However, the investors were unaware that she was not keeping her promise.
Alongside Gina, Crispin Torres also faced the sentence of four years in prison for using funds received from investors to prop up her businesses. Torres is the former Chief Financial Officer of one of Champion-Cain companies.
Is Gina Champion-Cain Net-Worth Marked At $20 Million?
Back in 2020, the court-appointed receiver linked $15 million of net worth to Gina Champion-Cain and her companies. They reported the news of her assets after five months of accusing her of operating a $300 million scheme to defraud investors.
Breaking! Gina Champion-Cain sentenced to 15 years in prison after admitted to bilking investors in $400 million Ponzi scheme. Cain used to own the Patio chain of restaurants. Full story later today. pic.twitter.com/fGz2GxSWLx— La Prensa San Diego (@LaPrensaSD) March 31, 2021
Receiver Krista Freitag revealed that her assets include at least 60 businesses and more than 40 bank accounts. Followingly, the estimated valuation of assets was on $3 million to $15 million.
However, Freitag was likely to change based on fluctuations in the sales price of Champion-Cain's properties including her restaurants. All of her properties were listed for sale among which three got sold back in 2020.
Who Is Gina Champion-Cain Husband? Find Out If She Is Married
Reportedly Gina Champion-Cain is married and used to reside in north Mission Hills with her husband before her arrest. Champion's spouse has decided to stay out of the limelight.
Disgraced The Patio Group Founder Gina Champion-Cain Sentenced To 15 Years In Prison For Fraud Scheme pic.twitter.com/RhZ1mOaqvw— slylinwood (@slylinwood) April 12, 2021
Gina was all over the headlines with her Ponzi scheme. People started discussing her arrests all over social media. Alongside her arrest and charge, they also started showing interest in her personal life. However, the businesswoman has kept her personal life a mystery.
All of her social media is turned private and all of her personal details are unavailable. According to court records, Champion-Cain, and her coconspirator's funds from new investors to pay back others whose investments would soon be redeemed.
How Old Is Gina Champion-Cain? Her Age In Wikipedia
According to Wikipedia, the age of Gina Campion-Cain is 57 years old. She was born on February 15th, 1965 in Ann Arbor, Michigan. Gina later moved to San Deigo, California, in 1987.
She has 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 the sentence recommended by prosecutors and was taken into custody in the courtroom— Space-reporter-news (@Spacereportern1) April 2, 2021
She pleaded guilty in July to conspiracy, securities fraud and obstruction of justice pic.twitter.com/5Z3FBQkanb
Where Is Gina Champion-Cain Family After Her Arrest On Ponzi Scheme Charge?
The family of Gina Champion-Cain has stayed away from the spotlight after her arrest on the charge 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. Receiver Krista Freitag Champions transferred the amount from Gina's companies.