A California executive assistant has admitted in federal court that she siphoned off more than $8.5 million from her boss’s companies and used it to bankroll an ultra-luxury lifestyle in San Diego.
Ping “Jenny” Gao, 55, of Point Loma pleaded guilty last week to wire fraud and money laundering, according to the U.S. Department of Justice. Prosecutors say she spent years quietly draining money from four corporate bank accounts tied to her employer, transferring the funds into accounts she secretly opened in her own name.
With her stolen fortune, Gao splurged on a $160,000 Porsche and a $2.9 million waterfront home with sweeping views of San Diego Bay and downtown. She also burned through hundreds of thousands more at high-end fashion boutiques.
The scheme unraveled when her employer noticed missing money and filed a lawsuit in San Diego Superior Court. Instead of owning up, Gao allegedly doubled down, accusing her boss of fraud and insisting that a company owner in China had approved every transfer.
To prop up her story, prosecutors say she paid more than $100,000 to people in China to create fake documents, which she then submitted in court. She later admitted to lying under oath, claiming the corporate accounts were actually her own and that the money came from personal investments funneled through underground banks to avoid Chinese currency controls.
Throughout the civil case, the court repeatedly ordered Gao not to touch the disputed funds. She ignored those orders, according to prosecutors. Even after the injunction became permanent, she continued moving money overseas, including a $1.6 million transfer to Hong Kong.
She also sold her Porsche to CarMax for $75,000 and then traded the cashier’s check for cash through a third party — another violation of court orders. Authorities estimate that more than $3.29 million is either missing or already spent.
Gao pleaded guilty on November 13, though news of the case was delayed because of a federal government funding lapse. She now faces up to 30 years in prison for wire fraud and another 20 years for money laundering, along with more than $500,000 in fines.
Assistant U.S. Attorney Patrick C. Swan is prosecuting the case.