A Woman from New York Admitted Guilt in a Fraud Scheme with Foreign Investors

• Sherri Li admitted to being guilty in a fraud scheme involving foreign investors.
• The scheme lasted nearly a decade, primarily involving U.S. residency.
• Li and her partner used the funds for personal expenses and political contributions.

A woman from New York, Sherri Sue Li, admitted her guilt in a case related to a financial scheme that involved more than $30 million in foreign investments. A portion of the embezzled funds was used to finance political campaigns in the U.S., including for Donald Trump's presidential campaign in 2017.

Li, 48, from Oyster Bay, acknowledged her guilt in federal court in Long Island on Wednesday, accusing her of unlawfully obtaining money and using it to influence the U.S. federal election laws regarding the financing of electoral campaigns. She faces up to 20 years in prison, with a verdict to be announced on December 5.

Her attorney, Kevin Keating, declined to comment on the case. Li was arrested at the time of the raid in 2022.

Her partner, Lyanbo Wan, admitted his guilt in similar charges in early 2024 and was sentenced to five years of incarceration.

Prosecutors stated that the scheme lasted nearly a decade. Li and Wan recruited investors, many of whom were from China, contributing over $500,000 to a fictitious development project, ostensibly giving them legal permanent resident status in the U.S. They embezzled millions of dollars from these investments for personal expenses, including clothing, jewelry, housing, vacations, and restaurants.

Li and Wan also provided investors access to American politicians in the West and embezzled funds for illegal contributions to political campaigns and committees. The campaigns and committees were unaware of the scheme and did not raise allegations against them in criminal violations.

On the West Coast on June 28, 2017, at which Trump collected funds for his campaign, Li and Wan raised $93,000 from 12 investors, and later embezzled these funds for contributing $600,000 to the committee that conducted the event.

Li posed for photographs with Trump and his friend Melania at this event and reportedly used this imagery to attract investment in the fictitious project. She also promoted advertising materials that featured photographs with politicians, including then-New York Governor Andrew Cuomo.

Li managed to return $31.5 million and three properties back in a settlement agreement regarding the acknowledgment of guilt.

Tags: USA/Politics/Crime