Two New York residents were arrested Monday on a federal criminal complaint accusing them of a nearly decadelong $27 million investment fraud scheme that leveraged their attendance at a 2017 fundraiser with then-President Donald Trump to dupe their victims.
Prosecutors said Sherry Xue Li and Lianbo Wang lured more than 150 victims, many of whom were foreign nationals living outside the United States, into investing in a fictitious project to build a private educational institution in Sullivan County, New York, by claiming it had the support of prominent politicians.
The two Oyster Bay, Long Island, residents also promised their investors green cards to obtain residence in the United States, access to politicians and dividends for their financial support of the so-called Thompson Education Center, according to prosecutors.
The duo used the money they allegedly swindled to pay personal expenses for clothing, jewelry, housing, vacations and upscale meals, as well as “contributions to prominent politicians,” the U.S. Attorney’s Office for the Eastern District of New York said in a statement.
“In furtherance of their scheme, Li and Wang also acted as ‘straw donors’ for foreign nationals to unlawfully contribute to campaigns supporting U.S. politicians and political committees,” that office said. “Among other things, Li and Wang promised foreign nationals access to U.S. political events and politicians in exchange for a fee.”
For example, Li, 50, and the 45-year-old Wang charged 12…
