Woman gets 20 years for bilking Chinese in $26M hotel fraud
LOS ANGELES (AP) — A woman who bilked investors in a Southern California hotel and condominium project out of at least $26 million has been sentenced to 20 years in federal prison. Ruixue “Serena” Shi of Arcadia was sentenced Monday and ordered to pay $35.8 million in restitution. Prosecutors say she was general manager of a real estate company that solicited investors — mostly in China — for a 207-unit luxury complex to be built in the city of Coachella. Authorities say in reality, Shi spent much of the money on luxury cars, travel, clothing, dining and shopping while some of her victims were brought to financial ruin.
