Oyster Bay residents arrested for alleged $27M investment scheme
Two
"As alleged, the defendants enticed their victims to invest in a fraudulent scheme aided by misleadingly claiming that their fictitious project had the support of prominent politicians," stated EDNY United States Attorney
Li and Wang are charged with wire fraud conspiracy, money laundering conspiracy, and conspiracy to defraud
The defendants allegedly created the lie that they were building an educational center in
Li and Wang also allegedly used the investment money to attend high-profile political fundraising events, get photos with politicians, and use the photos to convince more people to invest in their real estate project. About 150 people gave the duo money totaling about
The pair were set to be arraigned on Monday at the federal courthouse in
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