r/JusticeServed 9 Nov 22 '22

Ruixue “Serena” Shi, 38, of Arcadia, California, sentenced to 20 years in prison and payment of $35,842,239 in restitution for causing losses to investors who provided funds intended for a hotel and condominium complex in Coachella Valley, and then using the money to finance her lavish lifestyle Courtroom Justice

https://www.justice.gov/usao-cdca/pr/arcadia-woman-sentenced-20-years-prison-multimillion-dollar-fraud-targeting-investors
773 Upvotes

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2

u/Jerry7887 5 Nov 23 '22

Holmes did far worse!

13

u/coastfitter 5 Nov 22 '22

This crackdown is great and all. When are we going to see a big fish get fileted?

5

u/PapaOoMaoMao A Nov 22 '22

Big fish don't get caught, they get moved on to other ponds. Any law that involves a fine is a law for the poor people. Steal $500 from the till of a shop. The police will get involved. You get a record. Boss doesn't pay you your last two weeks wages of about $500. Meh, take it to court. Nothing much will come of it. You've got a got a good chance of getting paid in a few months time though.

-54

u/Pristine_Wrangler_34 3 Nov 22 '22

Is she really to blame? Or are the investors that didn't look into what they were investing into?

7

u/Henfrid A Nov 22 '22

When you lie to investors, you are to blame. Yes.

18

u/Steel_city917 A Nov 22 '22

Poor person sticks up for evil rich person that wouldn’t piss on them if they were on fire

-2

u/Pristine_Wrangler_34 3 Nov 22 '22

No

I'm just here with my popcorn watching the flies swarm to shit

11

u/TheAuthor_1 4 Nov 22 '22

No way this isn't a troll 💀💀

21

u/Sub0804 4 Nov 22 '22

“Your Honor they gave me all these millions of dollars, was I supposed to actually do what I said I was going to do with the money???” Bat shit insane take my man let’s hope your never on a jury.

16

u/shigogaboo B Nov 22 '22

“Your Honor, it’s not my fault I stabbed that guy six times. When you think about it, he should have learned to dodge after the third one.”

28

u/TheToneKing 6 Nov 22 '22

Sounds like trump

6

u/Molire 9 Nov 22 '22

...grifters...

16

u/Mean_Shoulder_103 7 Nov 22 '22

Can't understand why it was so easy to take these two down but the orange shit stain is still out there running his mouth.

0

u/TheToneKing 6 Nov 22 '22

AG Garland had to bring in a special prosecutor bec he couldn’t determine whether or not to charge trump…really?!? Use your eyes Merrick

2

u/Igniting_Omaha 6 Nov 22 '22

Where are you getting your information? That is not the reason...

“Based on recent developments, including the former President’s announcement that he is a candidate for President in the next election, and the sitting President’s stated intention to be a candidate as well, I have concluded that it is in the public interest to appoint a special counsel,” said Attorney General Garland. “Such an appointment underscores the Department’s commitment to both independence and accountability in particularly sensitive matters. It also allows prosecutors and agents to continue their work expeditiously, and to make decisions indisputably guided only by the facts and the law.”

https://www.justice.gov/opa/pr/appointment-special-counsel-0

1

u/Molire 9 Nov 22 '22

Exactly...

26

u/secret2u 6 Nov 22 '22

Why are people so greedy? Just steal 1-5 millions and try to make 35m from that.

6

u/poke30 7 Nov 22 '22

Why are people so greedy?

Welcome to what we have normalized and is the system that runs our world.

4

u/shakalakh 3 Nov 22 '22

Just steal 1-5 millions 😂🤣

47

u/PantherThing 8 Nov 22 '22

Too bad she isn’t blonde. Elisabeth Holmes did way worse, has tons of apologists, only got half the time, doesn’t have to report for 6 months and can file her appeal first.

17

u/UrsusHastalis 7 Nov 22 '22

I don’t think it’s cause she’s blond, she has a lot of connections. These types of financial crimes need to be punished way worse than they are. Make the punishment a multiple of the sentence for stealing a dollar amount. Like $10,000 = 5yrs, 5mil = 2,500yrs.

3

u/UrsusHastalis 7 Nov 22 '22

Came here to say something similar.

23

u/Molire 9 Nov 22 '22

Shi pleaded guilty in October 2021 to one count of wire fraud. Shi has been in federal custody since August 2020 after law enforcement discovered she had been researching how to flee the United States on a contraband iPhone while free on bond in this criminal case.

To induce victims to invest in the Hyde complex, Shi falsely told them that their money would only be used to fund the Hyde development project. In reality, Shi used much of the victims’ money on her own personal expenses, including spending nearly $300,000 to purchase two luxury cars, spending approximately $2.2 million at a company that provided luxury travel and concierge services, and spending almost $800,000 in victim funds at a full-service styling agency in Beverly Hills, as well as using hundreds of thousands of dollars of victims’ money on high-end clothing designers, restaurants, and other stores.

In its sentencing papers, the government argued that victims lost at least $26,185,634 investing in Shi’s fraud scheme but that the actual figure could be far higher.