Two New York residents were arrested Monday on a federal criminal complaint accusing them of a nearly decade-long $27 million investment fraud scheme that used their attendance at a president's charity event to trick their victims.
More than 150 victims, many of whom were foreign nationals living outside the United States, were lured into investing in a fake project to build a private educational institution in New York by claiming it had the support of prominent politicians, according to prosecutors.
According to prosecutors, the two Oyster Bay residents promised their investors green cards to obtain residence in the United States, access to politicians and dividends for their financial support of the Thompson Education Center.
The duo, who are naturalized U.S. citizens, used the money to pay for clothing, jewelry, housing, vacation, upscale meals, and contributions to prominent politicians.
The office said that Li and Wang acted asstraw donors for foreign nationals to contribute to U.S. politicians and political committees. Foreign nationals were promised access to U.S. politicians in exchange for a fee.
For example, Li, 50, and Wang, 45, charged 12 foreign nationals $93,000 per person for admission to a June 2017: they used that money to make $600,000 in political contributions to the committee that hosted the event.
According to the U.S. Attorney's Office, Li, Wang and their foreign national guests took pictures with the President of the United States.
The photograph of Li and the President taken at the fundraiser was used by Li and Wang to raise money for the project.
Federal political campaigns are not allowed to accept foreign money.
In addition to the Trump event, prosecutors Li and Wang used investors' funds to make political contributions to other political events, where they took photos with elected officials, and later used those photos to solicit investments from foreign nationals.
The Federal Election Commission's administration of campaign finance laws is the subject of a conspiracy by Li and Wang.
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