Emily Chan
Investors were under the impression that their money was simply sitting in an escrow account. Instead, Champion-Cain was using money from new investors to pay back older ones.
She also used the funds to support her lavish lifestyle and her businesses. She owned a franchise of surf and beach shops and a group of restaurants across San Diego.
Between 2012 and 2019, she paid herself more than $2 million in salary. She also spent thousands on credit card bills, box seats at sports games, a golf cart, donations to a university she attended, and expensive jewelry.
Furthermore, she paid over $3 million for a six-bedroom house with a pool, waterfall, koi pond, wine cellar, and gym.
For over seven years, she raked in $350 million from investors. In total, her investors lost more than $180 million. She kept the scheme going by forging paperwork and documents.
Champion-Cain was arrested in 2020. She pled guilty to securities fraud, obstruction of justice, and conspiracy. She is currently serving a 15-year prison sentence.
