Two New York residents have been arrested for allegedly defrauding $27 million out of investors, in part by promising them access to prominent politicians such as former President Donald Trump, the Justice Department announced on July 18.
The two individuals, Sherry Xue Li and Lianbo Wang, also known as Mike Wang, have perpetuated a near-decade-long scheme from as early as May 2013 to lure investors into a fictitious project to develop a private educational institution where Li served as the president, according to a complaint unsealed on Monday.
The institution, called Thompson Education Center or the TEC Project in New York’s Sullivan County, became a front for Li and others to siphon funds from over 150 victim investors, according to the filing….