Trump donor swindled more than $30 million from people thinking they were getting access and visas

A Trump donor orchestrated a $30 million scheme that promised foreign investors permanent residency and access to U.S. politicians in exchange for their money.

Sherry Xue Li, 53, pleaded guilty on Wednesday to money laundering conspiracy and conspiracy to defraud the United States by obstructing the Federal Election Commission’s administration of campaign finance laws, the New York Times reports.

In her decade-long scheme, Li and her co-defendant Lianbo Wang defrauded investors out of more than $30 million through a fictitious development project called the Thompson Education Center based in Sullivan County, New York, federal prosecutors said.

Li originally marketed the project as a “Chinese Disneyland” that would include an amusement park, medical center, business center, a college, and homes, the federal complaint states. She later changed it to a for-profit university: Thompson Education Center

They told the investors, mainly foreign nationals from China, that if they contributed $500,000, they would be guaranteed lawful permanent residence in the United States through the EB-5 investment visa program.

To make the fictitious project seem more real, the pair distributed promotional materials that contained photographs of Li with prominent U.S. politicians to falsely convey government support for the Thompson Education Center. In some cases, they also sold access to prominent politicians by collecting foreign investors’ money and “unlawfully contributing” it to U.S. political campaigns and committees, prosecutors said.

For example, in June 2017, Li attended a fundraiser dinner to support the re-election of President Donald Trump. The cost of admission was $35,000 per person, the complaint states. Li planned to bring a dozen foreigners with her to the ritzy event. Li and Wang, however, then told the attendees they must each pay $93,000 — $80,000 to attend plus nearly $14,000 for food and travel expenses. They then sent instructions on how to wire transfer the money to bank accounts tied to Li, according to prosecutors.

The pair then used the money they collected from the foreigners to contribute $600,000 in their own names. At the Washington, D.C. event, Li posed with the president and First Lady Melania Trump. They later used this photo to promote their development project.

Federal law prohibits foreigners from making contributions in connections to U.S. elections. The president, his campaign and first lady have not been accused of wrongdoing in connection with this case.

Throughout the years-long scheme, Li used the funds she collected to bankroll her own personal expenses, like casinos, jewelry, high-end retailers and upscale restaurants.

Some of the money was used to “create and perpetuate the fiction” of the Thompson Education Center’s development, making it appear as though the project was actually underway, prosecutors said. In reality, Li and Wang hired contractors, engineers, and other workers to draw up architectural plans to keep up the illusion. Sometimes, when pressed about updates on the development, Li sent photos of a different construction site to investors.

Wang pleaded guilty in 2024 to engaging in unlawful monetary transactions and conspiracy to defraud the United States. He was sentenced to five years behind bars.

Li now faces up to 20 years in prison. As part of her plea agreement, Li agreed to forfeit $31.5 million, as well as property at three locations, prosecutors said.

In total, more than 150 investors invested at least $31.5 million in the development project. Roughly half of that amount came from EB-5 investors who were promised green cards in return for their investments. None of them were granted green cards.

“Li defrauded more than 150 victims in the United States and abroad through years of lies and deception and sought to profit by selling access to the democratic process,” United States Attorney Nocella said in a statement. “In doing so, she attempted to corrupt a fundamental institution in this country—fair and transparent elections free from unlawful foreign influence. Our Office is committed to investigating and prosecuting predatory fraudsters who steal victims’ hard-earned money.”

The Independent has reached out to the White House for comment.