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Narrator: In this episode
of "American Greed"...

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the queen of commercial real
estate poses in the spotlight,

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but operates in the shadows.

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When you come to my home to eat,

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this is the atmosphere
you would experience.

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Champion-Cain admitted in court

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that she was the mastermind
of a massive,

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$400 million Ponzi scheme.

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Narrator: Gina Champion-Cain
is on the cover of magazines.

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She sits on influential boards
and wins awards.

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In San Diego,
she's kind of a big deal.

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You know, as a real-estate
developer and business owner,

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I also own 10 restaurants.

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I know, I'm crazy.

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Gina wanted to build an empire.

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Narrator: The mayor even names
June 28, 2006,

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Gina Champion-Cain Day.

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Corey: She's this powerful woman
entrepreneur in San Diego.

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It's like, "Wow, how do I
become that someday?"

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Narrator: But Champion-Cain

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isn't the role model
she seems to be.

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When she gets involved in
the liquor-licensing business,

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she becomes drunk with power
and masterminds

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one of the largest frauds
in San Diego history.

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Weisberg:
I mean, you could argue

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this was a $400 million
business enterprise,

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and here this woman
pulled it off.

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Narrator: But the enterprising
entrepreneur

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isn't the successful
businesswoman

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she pretends to be.

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Galvin: In fact, over the seven
years of her scheme,

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she used about $60 million
of investor funds

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to prop up
her failing businesses.

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Narrator: Because the architect

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of the largest woman-run
Ponzi scheme in U.S. history

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has a dark origin story.

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And the ironic thing is
I was actually

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a victim of a Ponzi scheme.

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♪♪

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Narrator:
In January 2022,

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a massive equity fund claims
they have been swindled

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out of $75 million.

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And they want their money back.

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Their lawyers believe one person
in particular has the answers...

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Gina Champion-Cain.

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I do.

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Narrator: Though Champion-Cain
is not the focus

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of this particular lawsuit,
she does have a lot to explain.

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Man: Am I correct that...

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Yes.

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Narrator: Over the next five
and a half hours,

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Champion-Cain will describe
eight years of her life,

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during which she not
only duped this fund

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but also contrived to steal more
than $350 million

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from almost 500 investors.

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And the conversation
won't always be easy.

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I'm being honest.
I have nothing to lie for.

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I'm already incarcerated.

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You can continue to skewer me
all you want.

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It's not gonna
affect me either way.

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I'm already in prison,
I'm already being punished,

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I'm already remorseful.
I'm already...

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Narrator: This isn't
what she has in mind

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when she comes to San Diego
from Michigan in the late '80s

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to make a name for herself.

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Galvin: She came out.

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She graduated from
the University of Michigan,

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moved out to San Diego,

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and ended up getting her MBA
at the University of San Diego.

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After getting her MBA,

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she ended up deciding
to form her own company

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and that was American
National Investments or ANI.

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Narrator:
Even the name is ambitious.

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Champion-Cain doesn't just want
to conquer real estate

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in the Gaslamp District
in downtown San Diego.

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She wants to conquer
commercial real estate

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across the entire country.

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Woman: It's so great
to meet you.

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Congratulations
on the second location.

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Thank you so much.
I'm very excited, very excited.

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Neil Senturia spends
nearly 50 hours

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interviewing Champion-Cain
for his book, "I Did It:

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The Largest Woman-Run Ponzi
Scheme in American History,"

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as told to Neil Senturia
and Barbara Bry.

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And according to him,
her ambition isn't for money,

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but for glory.

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Senturia: I think her ambition
was to be famous.

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I think that you have
to understand

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that if you pick
real-estate development,

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it's pretty high profile,

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and they write articles
about you.

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And if you're right,
you make a lot of money.

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Weisberg: She really was
a compelling figure,

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and not just because she was
a woman entrepreneur,

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but, um, she had
a certain charisma.

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My presentation is not as deep
as everybody else's on this.

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You know, I'm just
the real-estate girl.

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"What innovative real estate
can we do?"

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Weisberg: She's a very
compelling personality

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and seemed very bright

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and seemed to have
a lot of business acumen.

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Narrator: Howard Greenberg
is intricately involved

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in real-estate development
in San Diego,

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and he's quite aware
of Champion-Cain's rising star.

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Greenberg: She quickly became
the chairman

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of the Downtown
San Diego Partnership.

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She got involved with the Centre
City Development Corporation.

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And she was very adept
at interweaving herself

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into the fabric of the downtown.

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Champion-Cain: Good morning.

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A lot of smart people
in this room.

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I'm just proud to be part
of their environment

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[chuckles] this morning,
so thank you.

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Narrator:
But according to many involved,

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the credit isn't
entirely deserved.

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She was very good
at interweaving herself

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in the political
and business community,

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and for that,
was rewarded, I'd say,

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and did a lot of self-promotion
without a lot of backup.

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Weisberg: I learned,
little by little,

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that many of the kinds
of projects

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she claimed to have been
the developer of, she was not.

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High-rise luxury condominiums

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that she claimed to have been
an equity partner in,

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a developer in, she was not.

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In many ways, she conned people
into believing

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that she had done
much more than she had.

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And she was masterful
at promoting herself.

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Narrator:
Whether legitimate or not,

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the media is ready
to be her champion.

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If you haven't checked out
The Front Porch,

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you have to check it out.
Thank you so much, Gina!

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Thank you!

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Senturia: She was really famous
in this town.

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But it's a man's game and it's,
um, sharp elbows and big money

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and she was really good,

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but she was fighting
the famous glass ceiling.

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Narrator: But Champion-Cain
wants the world to know

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that she's ready for the fight.

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She is featured on magazine
covers, in profiles,

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and podcasts as a woman
to be reckoned with

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in the San Diego
development scene.

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Kaye: She's what I like to call
a Hot Witch.

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You know what I mean, she...

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You know, she's fabulous and
gorgeous and super successful,

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and so I'm super excited to hear
what she's got on her plate.

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Champion-Cain: I love being a
developer, I love real estate,

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and I love seeing transformation
in communities.

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Narrator: She climbs so high in
public estimation that in 2006,

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the San Diego mayor
declares June 28th

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Gina Champion-Cain Day.

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But things are about
to get shaky

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in Southern California
real estate.

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It was perhaps the worst
financial collapse

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since the Great Depression.

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Narrator:
With the economic crash in 2008,

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commercial development
screeches to a halt.

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Reporter:
Housing prices plummeted

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and mortgage investments
went sour.

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Narrator:
And like most everyone else,

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Champion-Cain
can't avoid the fallout.

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Galvin: Coming out of the
downturn in the late 2000s,

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she felt desperation.

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She felt desperation
to make money for herself,

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for her family, and for friends.

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Narrator: She decides it may be
a good time to pivot

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into a different industry,

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but she gets there
almost by accident.

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Senturia: She sees a piece
of land in Pacific Beach

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and it's perfect for apartments.

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It's an old restaurant.

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It's kind of favored by the
community and she ties it up.

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She's gonna tear
the restaurant down

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and she's gonna build
apartments.

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The community has
an uprising and said,

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"No, no, we don't want
to lose the restaurant."

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So she goes home to her husband
and she says,

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"Steve, we're gonna be
in the restaurant business."

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And it's there, of course,
where she learns

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that you have to get
a liquor license.

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Narrator: The restaurant
is called

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The patio on Lamont Street,

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and it will soon become
the epicenter

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of the biggest Ponzi scheme
in San Diego history.

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When "American Greed" returns...
Gina Champion-Cain

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launches a $350 million fraud.

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I came up with the idea
that a lending business

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would be a good idea.

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Narrator: But it may be more
than she bargained for.

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♪♪

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♪♪

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Narrator: By all appearances,

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Gina Champion-Cain
is living her best life.

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Her reputation in Southern
California real estate

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is growing as she sits
on multiple influential boards

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in Southern California

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and is featured in magazines,

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social media, and TV programs
like "California Life"...

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Champion-Cain:
When you come to my home to eat,

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this is the atmosphere
you would experience.

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Narrator:
But for her, it's never enough.

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Galvin: After she opened up that
first Patio restaurant in 2011,

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she starts to realize
that there's this process

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that you need to go through

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in order to purchase
a liquor license.

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Brewer: Just like when you
transfer title of your car

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and you have to file it
with the DMV,

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in order to transfer title of
an alcoholic beverage license,

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you have to file
an application with the ABC.

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Narrator: ABC is the Department
of Alcoholic Beverage Control,

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and their regulations state
that within 30 days,

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all applicants buying a liquor
license from a previous owner

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must put the full cost of the
license in an escrow account.

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By law, the money is locked away

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until the transaction is
either approved or abandoned,

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which can take months
or even years.

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And having your cold hard cash
locked away in a virtual safe

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can be quite problematic.

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They can be very expensive.
It depends on the area.

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Depends on the type of license,

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but they can be anywhere from
tens of thousands of dollars

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to hundreds
of thousands of dollars.

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And it just sits there until
the ABC approves or rejects

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your application for the
transfer of the liquor license.

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Narrator:
But Champion-Cain says

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this hardship for entrepreneurs

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could actually turn
into a benefit for everyone.

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She thinks she can help
the little guy

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starting a bar or restaurant,
while at the same time

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turning a tidy profit
for herself and investors.

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Cramer: So Gina Champion-Cain
recognized an opportunity.

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She began pitching investors

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that she would lend
these restaurants

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who were trying to purchase
liquor licenses

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the money that they needed
to put into an escrow account

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for as long as they needed it.

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Narrator: In theory, it's
a bridge loan... the funding

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from deep-pocketed investors
means the hopeful bar owner

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doesn't need to front
any money at all.

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In exchange, when the license
is approved and transferred,

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the applicant pays the seller
full price for the license,

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as well as between 15%
and 25% interest

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to the investor
for fronting the money,

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at which point the investor gets
their loan back from escrow.

245
00:12:06,521 --> 00:12:09,924
For investors, it seems
like a no-lose situation,

246
00:12:09,958 --> 00:12:11,926
because the money is held
in escrow

247
00:12:11,960 --> 00:12:15,964
at one of the largest insurance
companies in the world...

248
00:12:16,064 --> 00:12:18,600
Chicago Title.

249
00:12:18,633 --> 00:12:22,370
The worst that can happen,
or so Champion-Cain says,

250
00:12:22,404 --> 00:12:24,439
is that investors
get their money back

251
00:12:24,472 --> 00:12:26,808
if the applicant doesn't pay.

252
00:12:26,841 --> 00:12:30,178
The problem is,
the loan isn't necessary.

253
00:12:30,211 --> 00:12:33,148
She's fabricated
the entire scheme.

254
00:12:33,181 --> 00:12:36,351
According to Michael Brewer,
despite state regulations,

255
00:12:36,384 --> 00:12:41,189
liquor-license applicants can
defer funding the escrow account

256
00:12:41,222 --> 00:12:43,124
for as long as they want.

257
00:12:43,158 --> 00:12:44,759
They can just send an e-mail

258
00:12:44,793 --> 00:12:47,862
asking for the funding date
to be extended,

259
00:12:47,896 --> 00:12:51,399
and they've never refused it
in my experience.

260
00:12:51,433 --> 00:12:55,170
Narrator: Therefore, applicants
have no real need for a loan,

261
00:12:55,203 --> 00:12:59,607
and Champion-Cain's lending
platform has no real market.

262
00:12:59,641 --> 00:13:01,609
Unless she makes one up.

263
00:13:03,745 --> 00:13:07,215
She provides a list of supposed
liquor-license applicants

264
00:13:07,248 --> 00:13:11,953
to investors and tells them
to pull from the top shelf.

265
00:13:12,053 --> 00:13:14,923
Mark Cramer, who later files
a civil lawsuit

266
00:13:14,956 --> 00:13:17,625
against Champion-Cain
and other entities,

267
00:13:17,659 --> 00:13:22,039
believes these lists
are totally bogus.

268
00:13:22,063 --> 00:13:23,665
Cramer: People could look
at these lists

269
00:13:23,698 --> 00:13:26,568
and choose which ones
they wanted to invest in.

270
00:13:26,601 --> 00:13:28,870
Oftentimes what Gina would do,

271
00:13:28,903 --> 00:13:32,741
particularly for a first-time
investor, is say,

272
00:13:32,774 --> 00:13:34,609
"I'll go in on this first one
with you.

273
00:13:34,642 --> 00:13:36,778
We'll be co-investors together."

274
00:13:36,811 --> 00:13:39,647
And that added even
more credibility

275
00:13:39,681 --> 00:13:42,083
that if Gina's putting her
own money at risk for this,

276
00:13:42,117 --> 00:13:43,818
then this is truly a no-brainer.

277
00:13:43,852 --> 00:13:46,821
"I can't lose.
I can only win."

278
00:13:46,855 --> 00:13:50,392
Narrator:
Maybe, if it were true.

279
00:13:50,425 --> 00:13:51,926
Unfortunately, none of these

280
00:13:51,960 --> 00:13:54,663
supposed liquor-license
applicants on her lists

281
00:13:54,696 --> 00:13:56,698
actually want
to borrow any money.

282
00:13:56,731 --> 00:14:00,101
Champion-Cain
just pretends they do.

283
00:14:00,135 --> 00:14:02,203
Cramer:
The whole thing is a fantasy.

284
00:14:02,237 --> 00:14:07,842
It seems from day one, this was
hatched as a fraudulent scheme.

285
00:14:07,876 --> 00:14:11,112
Narrator: But her contacts
in the business world

286
00:14:11,146 --> 00:14:12,580
don't know that.

287
00:14:12,614 --> 00:14:15,950
They believe Champion-Cain
is pitching a sure thing.

288
00:14:16,051 --> 00:14:17,852
Galvin:
So the beginning of her scheme,

289
00:14:17,886 --> 00:14:19,454
Champion-Cain
relied on individuals

290
00:14:19,487 --> 00:14:21,032
that she knew from
the business community

291
00:14:21,056 --> 00:14:23,725
who began investing
and over time,

292
00:14:23,758 --> 00:14:27,195
you had others
who became aggregators.

293
00:14:27,228 --> 00:14:31,132
In effect, they would go out
and find their own investors.

294
00:14:31,166 --> 00:14:32,743
Narrator: The aggregators
then pool the money

295
00:14:32,767 --> 00:14:34,235
from other investors

296
00:14:34,269 --> 00:14:37,439
and put that money
into the investment program.

297
00:14:40,342 --> 00:14:44,055
Mr. Peters... Kim Peterson,

298
00:14:44,079 --> 00:14:48,583
is or was one of the main
investors,

299
00:14:48,616 --> 00:14:53,521
lenders, into
the liquor-license program.

300
00:14:53,555 --> 00:14:55,557
Narrator:
Kim Peterson is also

301
00:14:55,590 --> 00:14:57,792
a real-estate developer
in San Diego,

302
00:14:57,826 --> 00:15:01,830
but his initial relationship
with Champion-Cain is social.

303
00:15:01,863 --> 00:15:03,765
Peterson: She and her husband
were a member

304
00:15:03,798 --> 00:15:05,934
of the same golf club
that I belong to in San Diego.

305
00:15:06,034 --> 00:15:08,603
So I started to see her then.

306
00:15:08,636 --> 00:15:11,673
Starting about, oh, maybe 2010.

307
00:15:11,706 --> 00:15:14,075
And then one morning,
we had coffee together

308
00:15:14,109 --> 00:15:16,678
just to talk
about business development

309
00:15:16,711 --> 00:15:18,313
and real-estate development,

310
00:15:18,346 --> 00:15:22,183
and that kind of morphed into,
you know, the relationship.

311
00:15:22,217 --> 00:15:25,920
Narrator: One day in 2013,
Champion-Cain lures Peterson

312
00:15:25,954 --> 00:15:29,958
into her lending scheme,
and Peterson takes the bait.

313
00:15:30,058 --> 00:15:33,261
He makes a $200,000 investment.

314
00:15:33,294 --> 00:15:36,297
Peterson: My view of it at the
time was that, I liked Gina.

315
00:15:36,331 --> 00:15:37,699
I trusted Gina.

316
00:15:37,732 --> 00:15:40,502
I understand the logic
of the platform.

317
00:15:40,535 --> 00:15:42,637
It made sense to me,
and so I thought,

318
00:15:42,671 --> 00:15:45,206
"Well, I'll try, I'll do one
of these or two of these

319
00:15:45,240 --> 00:15:47,375
and see how, you know,
it plays out."

320
00:15:47,409 --> 00:15:50,078
So that's how it kind of started
and then it just kind of started

321
00:15:50,111 --> 00:15:54,549
to get a little bit bigger
and a little bit bigger.

322
00:15:54,582 --> 00:15:55,917
Narrator:
It keeps getting bigger

323
00:15:55,950 --> 00:15:58,953
because Peterson
keeps seeing positive returns.

324
00:15:58,987 --> 00:16:02,824
Soon, Peterson begins to recruit
more investors into the program,

325
00:16:02,857 --> 00:16:05,293
and his involvement builds
so large

326
00:16:05,326 --> 00:16:09,297
that he starts his own company,
Kim Funding, LLC,

327
00:16:09,331 --> 00:16:13,168
exclusively to raise money
for the program.

328
00:16:13,201 --> 00:16:15,403
Peterson: I knew a fair amount
of people in San Diego,

329
00:16:15,437 --> 00:16:19,016
and I had, you know,
lending relationships with banks

330
00:16:19,040 --> 00:16:20,809
through my real-estate
development business.

331
00:16:20,842 --> 00:16:22,744
So I started talking to banks.

332
00:16:22,777 --> 00:16:25,747
I started talking to
high-net-worth individuals.

333
00:16:25,780 --> 00:16:28,316
Narrator: What Peterson's
investors don't have

334
00:16:28,350 --> 00:16:31,252
is a deep knowledge
of liquor-license transfers.

335
00:16:31,286 --> 00:16:34,522
And that's exactly
how Champion-Cain likes it.

336
00:16:34,556 --> 00:16:36,434
Greenberg:
I don't think that any
of the people she approached

337
00:16:36,458 --> 00:16:40,037
had a big knowledge
or were intricately involved

338
00:16:40,061 --> 00:16:43,365
in any of the process
of achieving a liquor license,

339
00:16:43,398 --> 00:16:46,201
and I think that was purposeful.

340
00:16:46,234 --> 00:16:49,971
Narrator: And that includes
nearly 500 investors.

341
00:16:50,071 --> 00:16:54,409
For Champion-Cain, her
investors' ignorance is bliss.

342
00:16:54,442 --> 00:16:59,447
Eventually, Peterson's company
alone ushers $140 million

343
00:16:59,481 --> 00:17:01,783
into Champion-Cain's program.

344
00:17:01,816 --> 00:17:03,852
And not a single dollar of it
goes toward

345
00:17:03,885 --> 00:17:05,787
a liquor-license loan.

346
00:17:05,820 --> 00:17:09,891
But all Peterson knows
is that he's making money.

347
00:17:09,924 --> 00:17:11,736
Peterson: In hindsight, I look
at that and go like,

348
00:17:11,760 --> 00:17:13,728
"Well, should I have spent
more time

349
00:17:13,762 --> 00:17:15,063
being concerned about that?"

350
00:17:15,096 --> 00:17:17,632
And, you know,
I just wasn't at the time

351
00:17:17,666 --> 00:17:19,934
because they're wiring me
all this money.

352
00:17:20,035 --> 00:17:22,070
I mean, hundreds of millions
of dollars,

353
00:17:22,103 --> 00:17:24,105
you know,
in and out all the time.

354
00:17:24,139 --> 00:17:28,443
And so the idea that... that
there's something wrong here

355
00:17:28,476 --> 00:17:30,879
just didn't register.

356
00:17:37,218 --> 00:17:38,286
Yes.

357
00:17:43,058 --> 00:17:44,492
Yes.

358
00:17:44,526 --> 00:17:47,329
Cramer: First and foremost,
like in any fraudulent scheme

359
00:17:47,362 --> 00:17:50,865
or Ponzi scheme like this,
Gina had to use proceeds

360
00:17:50,899 --> 00:17:53,935
from new investors
to pay old investors.

361
00:17:53,968 --> 00:17:55,313
Galvin:
Over the life of the scheme,

362
00:17:55,337 --> 00:17:58,373
which was approximately
2012 to 2019,

363
00:17:58,406 --> 00:18:01,710
Champion-Cain paid out
several hundred million dollars

364
00:18:01,743 --> 00:18:03,078
back to investors.

365
00:18:03,111 --> 00:18:06,081
And ultimately investors
lost over $180 million,

366
00:18:06,114 --> 00:18:07,882
but she still paid out
a lot of money

367
00:18:07,916 --> 00:18:10,518
to investors to generate
this interest in the program

368
00:18:10,552 --> 00:18:12,187
and to keep it going.

369
00:18:12,220 --> 00:18:15,623
Narrator: In fact, not only
are there no real loans,

370
00:18:15,657 --> 00:18:18,002
there are no real
escrow accounts.

371
00:18:18,026 --> 00:18:21,796
All money that investors expect
is going into escrow

372
00:18:21,830 --> 00:18:24,099
is actually going into
an account entirely

373
00:18:24,132 --> 00:18:26,801
under Champion-Cain's control.

374
00:18:26,835 --> 00:18:28,670
Cramer: Gina got her hands
on the money

375
00:18:28,703 --> 00:18:30,014
that was sent to Chicago Title

376
00:18:30,038 --> 00:18:33,541
because Gina is
the only person entity

377
00:18:33,575 --> 00:18:38,546
who had an agreement with
Chicago Title that was real.

378
00:18:38,580 --> 00:18:41,025
And that agreement
didn't provide

379
00:18:41,049 --> 00:18:42,817
for an actual escrow at all.

380
00:18:42,851 --> 00:18:45,420
It was called a holding
funds escrow,

381
00:18:45,453 --> 00:18:48,490
but it was effectively
a slush fund for Gina

382
00:18:48,523 --> 00:18:51,493
to use as she saw fit.

383
00:18:51,526 --> 00:18:55,730
And it's the opposite
of what escrow is all about.

384
00:18:55,764 --> 00:18:59,768
Narrator: But it's exactly what
Champion-Cain is all about...

385
00:18:59,801 --> 00:19:03,405
Lying her way
to fame and fortune.

386
00:19:03,438 --> 00:19:05,073
When "American Greed" returns...

387
00:19:05,106 --> 00:19:08,276
don't get too friendly
with Gina Champion-Cain.

388
00:19:08,309 --> 00:19:11,989
Even those closest to her
aren't safe from her scheme.

389
00:19:12,013 --> 00:19:14,992
So it was exciting to have money
to use,

390
00:19:15,016 --> 00:19:18,153
but, yeah, lost that.

391
00:19:18,186 --> 00:19:23,725
♪♪

392
00:19:28,062 --> 00:19:35,402
♪♪

393
00:19:35,436 --> 00:19:38,238
Narrator: Gina Champion-Cain
has decided to branch out

394
00:19:38,272 --> 00:19:42,543
from real-estate development and
expand into other industries.

395
00:19:42,576 --> 00:19:44,778
In the beginning,
it's restaurants.

396
00:19:44,812 --> 00:19:47,214
But she doesn't stop there.

397
00:19:47,247 --> 00:19:49,383
Her fame is only growing.

398
00:19:49,416 --> 00:19:50,851
Over the next several years,

399
00:19:50,884 --> 00:19:52,853
she continues to appear
in the media

400
00:19:52,886 --> 00:19:55,189
and speak at local
business conferences.

401
00:19:55,222 --> 00:19:58,034
As a real-estate developer
and business owner,

402
00:19:58,058 --> 00:20:01,729
I also own 10 restaurants.
I know, I'm crazy.

403
00:20:01,762 --> 00:20:03,731
Narrator:
And she has no intention

404
00:20:03,764 --> 00:20:05,065
of leaving the spotlight.

405
00:20:05,099 --> 00:20:07,234
Galvin: In the late 2000s,
around 2008,

406
00:20:07,267 --> 00:20:09,136
you have this large
economic downturn,

407
00:20:09,169 --> 00:20:12,272
and at that point,
she decides to reinvent herself.

408
00:20:12,306 --> 00:20:15,776
And what she decides to do is
go into more of the hospitality

409
00:20:15,809 --> 00:20:17,578
and the retail industry.

410
00:20:17,611 --> 00:20:19,913
She purchases some homes
in Mission Beach

411
00:20:19,947 --> 00:20:23,617
and turns them into hotels
under the Luv Surf brand.

412
00:20:23,650 --> 00:20:27,221
She starts selling accessories
at a store called Luv Surf,

413
00:20:27,254 --> 00:20:30,290
you know, women's beach fashion,
towels, things like that.

414
00:20:30,324 --> 00:20:32,693
And from there, really increases
her investment

415
00:20:32,726 --> 00:20:35,262
in the retail side
of her businesses.

416
00:20:35,295 --> 00:20:38,465
Luv Surf...
It was pretty much a brand.

417
00:20:38,499 --> 00:20:42,302
Narrator: Pamela Corey is living
in Massachusetts in 2013

418
00:20:42,336 --> 00:20:47,274
when a simple vacation
to San Diego changes her life.

419
00:20:47,307 --> 00:20:49,376
Corey: I had fell in love
with the area,

420
00:20:49,410 --> 00:20:51,979
and I knew this was
the place I want to be.

421
00:20:52,012 --> 00:20:55,115
I just went online and kind
of Googled things in the area

422
00:20:55,149 --> 00:20:56,850
that seemed of interest to me

423
00:20:56,884 --> 00:21:00,254
and sent my résumé to anybody
who would look at it.

424
00:21:00,287 --> 00:21:04,058
So, yeah, I guess
it tickled their fancy.

425
00:21:04,692 --> 00:21:06,427
Narrator: Luv surf hires her,

426
00:21:06,460 --> 00:21:10,264
and Corey thinks she's made
the best decision of her life.

427
00:21:10,297 --> 00:21:14,201
She and her new boss,
Gina Champion-Cain, hit it off.

428
00:21:14,234 --> 00:21:18,439
Corey: She was intimidating
in a good way to me, I guess.

429
00:21:18,472 --> 00:21:21,108
You know, it's like
I looked up to her.

430
00:21:21,141 --> 00:21:24,645
Um, because I'm like, "Wow,
she's this powerful woman

431
00:21:24,678 --> 00:21:26,880
entrepreneur in San Diego."

432
00:21:26,914 --> 00:21:29,516
It's like, "Wow, how do I become
that someday?"

433
00:21:29,550 --> 00:21:32,186
But she was also
very kind to me.

434
00:21:32,219 --> 00:21:34,621
I would go to her home
for Thanksgiving,

435
00:21:34,655 --> 00:21:37,725
for just to stop by
and have wine.

436
00:21:37,758 --> 00:21:40,094
And I saw her almost every day,
you know,

437
00:21:40,127 --> 00:21:42,129
'cause she was
always in the shop.

438
00:21:42,162 --> 00:21:45,165
Narrator: And the shop is
thriving, so Champion-Cain

439
00:21:45,199 --> 00:21:49,737
does what she always does...
Goes bigger.

440
00:21:49,770 --> 00:21:51,081
Corey: Well, the boutique
was doing great,

441
00:21:51,105 --> 00:21:54,775
so that's why we decided
to open more stores.

442
00:21:54,808 --> 00:21:56,944
And then, as time went on,
we kind of noticed

443
00:21:56,977 --> 00:21:59,880
that the numbers
weren't really doing as well

444
00:21:59,913 --> 00:22:02,049
as they had
initially been doing,

445
00:22:02,082 --> 00:22:03,317
and it was kind of confusing

446
00:22:03,350 --> 00:22:05,152
as to why we were opening
more stores

447
00:22:05,185 --> 00:22:08,455
when our numbers
weren't matching the growth.

448
00:22:08,489 --> 00:22:12,035
Narrator: Champion-Cain doesn't
seem too concerned

449
00:22:12,059 --> 00:22:13,827
with numbers not matching up,

450
00:22:13,861 --> 00:22:16,563
especially
when it's not her money.

451
00:22:16,597 --> 00:22:19,533
Cramer:
Over the life of the scheme,
Champion-Cain's business grew.

452
00:22:19,566 --> 00:22:21,568
She continued to hire more
and more employees,

453
00:22:21,602 --> 00:22:25,205
family members, friends,
friends of family members.

454
00:22:25,239 --> 00:22:27,875
Weisberg: At one point, she
talked about 700 employees.

455
00:22:27,908 --> 00:22:29,209
I mean, that's huge.

456
00:22:29,243 --> 00:22:30,720
Obviously they weren't all
in her office.

457
00:22:30,744 --> 00:22:32,055
They were employed in all these

458
00:22:32,079 --> 00:22:33,881
different businesses
and restaurants.

459
00:22:33,914 --> 00:22:36,684
But that's a huge enterprise.

460
00:22:36,717 --> 00:22:39,753
Corey: They were constantly
bringing on tons of team members

461
00:22:39,787 --> 00:22:41,455
and paying big salaries.

462
00:22:41,488 --> 00:22:45,559
And so I was like, "Huh,
how is she doing all of this

463
00:22:45,592 --> 00:22:48,996
when, you know,
all of these other businesses

464
00:22:49,096 --> 00:22:50,731
aren't doing that well?"

465
00:22:50,764 --> 00:22:53,734
So, but I just thought she,
you know,

466
00:22:53,767 --> 00:22:56,804
just had a lot of money.

467
00:22:56,837 --> 00:22:58,906
Narrator: In a way, she does.

468
00:22:58,939 --> 00:23:01,017
It's just not hers.

469
00:23:01,041 --> 00:23:03,344
To the outside world, a lot
of these businesses

470
00:23:03,377 --> 00:23:04,812
and restaurants
appeared successful,

471
00:23:04,845 --> 00:23:07,514
but really they were
losing money

472
00:23:07,548 --> 00:23:10,117
and Champion-Cain
was using money from investors

473
00:23:10,150 --> 00:23:12,553
to prop up
these failing business.

474
00:23:12,586 --> 00:23:14,555
In fact, over the seven years
of her scheme,

475
00:23:14,588 --> 00:23:17,791
she used about $60 million
of investor funds

476
00:23:17,825 --> 00:23:20,427
to prop up her
failing businesses.

477
00:23:20,461 --> 00:23:23,263
Narrator: But the socialite
is not all business.

478
00:23:23,297 --> 00:23:25,265
While she uses much
of the stolen money

479
00:23:25,299 --> 00:23:28,435
to amplify her appearance
of professional success,

480
00:23:28,469 --> 00:23:33,049
she also takes a little
something for herself.

481
00:23:33,073 --> 00:23:35,109
She also used millions
of dollars to pay

482
00:23:35,142 --> 00:23:36,810
for personal expenses.

483
00:23:36,844 --> 00:23:38,212
She used millions of dollars
to pay

484
00:23:38,245 --> 00:23:40,347
for her own salary each year.

485
00:23:40,381 --> 00:23:42,783
She purchased a home
in Rancho Mirage, California.

486
00:23:42,816 --> 00:23:46,062
She purchased another home
in Mission Beach, California.

487
00:23:46,086 --> 00:23:49,189
She spent hundreds of thousands
on jewelry

488
00:23:49,223 --> 00:23:51,592
from expensive stores
like Tiffany.

489
00:23:51,625 --> 00:23:52,960
Narrator: But if Champion-Cain

490
00:23:52,993 --> 00:23:54,795
is going to keep up
this lifestyle,

491
00:23:54,828 --> 00:23:56,230
she's going to need help.

492
00:23:56,263 --> 00:23:58,666
And she's brazen enough
to try to enlist one

493
00:23:58,699 --> 00:24:03,637
of the biggest companies
in the world to provide it.

494
00:24:03,671 --> 00:24:05,606
Up next on "American Greed"...

495
00:24:05,639 --> 00:24:09,243
Champion-Cain is trading on
the name of a banking king,

496
00:24:09,276 --> 00:24:13,681
but it's actually the pawns that
help her orchestrate her gambit.

497
00:24:13,714 --> 00:24:16,784
Cramer: She needs them not
to blow the whistle on her

498
00:24:16,817 --> 00:24:18,619
or become uncooperative.

499
00:24:18,652 --> 00:24:21,355
She needs to keep them
doing what they're doing.

500
00:24:21,388 --> 00:24:29,063
♪♪

501
00:24:32,801 --> 00:24:38,973
♪♪

502
00:24:39,074 --> 00:24:40,408
Narrator: In San Diego,

503
00:24:40,442 --> 00:24:43,745
Gina Champion-Cain's fraud
continues to grow,

504
00:24:43,778 --> 00:24:46,314
but as it grows,
so does her dependence on her

505
00:24:46,348 --> 00:24:49,451
escrow provider, Chicago Title.

506
00:24:49,484 --> 00:24:51,453
She's had a legitimate
relationship

507
00:24:51,486 --> 00:24:53,388
with the insurance giant
for years

508
00:24:53,421 --> 00:24:55,824
while developing
commercial real estate,

509
00:24:55,857 --> 00:24:58,827
and now she wants to exploit
that relationship

510
00:24:58,860 --> 00:25:02,697
through her liquor-license
lending scheme.

511
00:25:02,731 --> 00:25:04,432
Cramer:
I've probably talked with close

512
00:25:04,466 --> 00:25:06,801
to 100 of the victims
of the scheme,

513
00:25:06,835 --> 00:25:10,805
and every single one of them
told me some variation of,

514
00:25:10,839 --> 00:25:13,608
"I would never have given
this kind of money to Gina.

515
00:25:13,641 --> 00:25:16,144
I wouldn't even give
this kind of money

516
00:25:16,177 --> 00:25:18,446
to my family members or friends.

517
00:25:18,480 --> 00:25:20,949
I gave that money because I knew
it was gonna be

518
00:25:21,049 --> 00:25:24,152
in an escrow account
held by Chicago Title."

519
00:25:24,185 --> 00:25:26,554
Narrator: Chicago Title
may seem invulnerable

520
00:25:26,588 --> 00:25:28,156
to the outside world,

521
00:25:28,189 --> 00:25:30,859
but according to several
lawsuits filed against them,

522
00:25:30,892 --> 00:25:35,130
there may be a disease
incubating within.

523
00:25:35,163 --> 00:25:38,667
Cramer: Time will tell exactly
to what extent

524
00:25:38,700 --> 00:25:41,403
who knew what when
at Chicago Title,

525
00:25:41,436 --> 00:25:45,674
but there is evidence that
a number of the escrow officers

526
00:25:45,707 --> 00:25:47,842
and others within
the organization

527
00:25:47,876 --> 00:25:51,513
were aware
of what Gina was doing.

528
00:25:51,546 --> 00:25:54,058
Narrator: But if they are aware,
Champion-Cain

529
00:25:54,082 --> 00:25:57,719
wants to make sure they're
insulated from her fraud.

530
00:25:57,752 --> 00:25:59,354
Galvin: She created this buffer

531
00:25:59,387 --> 00:26:01,022
between investors
and Chicago Title.

532
00:26:01,056 --> 00:26:02,557
So Champion-Cain would tell
investors,

533
00:26:02,590 --> 00:26:05,026
"You can't talk to the people
at Chicago Title

534
00:26:05,060 --> 00:26:06,461
who run this program.

535
00:26:06,494 --> 00:26:08,430
They're too busy.
They have too much going on.

536
00:26:08,463 --> 00:26:09,831
If you start to talk to them,

537
00:26:09,864 --> 00:26:12,009
you can't invest
in the program anymore."

538
00:26:12,033 --> 00:26:14,011
On the flip side, she would
tell the individuals

539
00:26:14,035 --> 00:26:16,338
working at Chicago Title,
"Don't worry.

540
00:26:16,371 --> 00:26:17,815
You don't need to talk
to my investors.

541
00:26:17,839 --> 00:26:19,741
If they reach out to you,
you can ignore them.

542
00:26:19,774 --> 00:26:21,376
I'll tell them
that you're too busy."

543
00:26:21,409 --> 00:26:24,212
So by doing that she created
this separation, this buffer

544
00:26:24,245 --> 00:26:27,215
so that the investors weren't
talking to Chicago Title,

545
00:26:27,248 --> 00:26:30,185
and Chicago Title wasn't talking
to the investors.

546
00:26:30,218 --> 00:26:31,720
Narrator: There may be a buffer

547
00:26:31,753 --> 00:26:33,888
between investors
and Chicago Title,

548
00:26:33,922 --> 00:26:36,057
but Champion-Cain
communicates often

549
00:26:36,091 --> 00:26:40,695
with two Chicago Title
employees in particular.

550
00:26:40,729 --> 00:26:42,564
The e-mails going back and forth

551
00:26:42,597 --> 00:26:45,042
between them are
very familiar, very casual.

552
00:26:45,066 --> 00:26:48,236
And they're funny
and entertaining in some ways.

553
00:26:48,269 --> 00:26:51,439
The e-mails were very, like,
almost like a girlfriend

554
00:26:51,473 --> 00:26:54,075
talking to another girlfriend.

555
00:26:54,109 --> 00:26:55,920
"I have always promised you
I would shelter you

556
00:26:55,944 --> 00:26:59,214
from my crazy investors,
and I will continue to do so.

557
00:26:59,247 --> 00:27:02,117
If any one of them bug you
as they are too stupid

558
00:27:02,150 --> 00:27:03,651
to understand the program,

559
00:27:03,685 --> 00:27:05,820
then they are fired
as an investor.

560
00:27:05,854 --> 00:27:09,157
I have plenty of dudes
dying to give me money, honey.

561
00:27:09,190 --> 00:27:11,092
Ha, ha, ha, ha.

562
00:27:11,126 --> 00:27:13,862
Love you ladies."

563
00:27:13,895 --> 00:27:15,764
She didn't want anybody
saying anything

564
00:27:15,797 --> 00:27:17,065
that could hurt the scheme,

565
00:27:17,098 --> 00:27:18,867
so she wanted
to control the narrative.

566
00:27:18,900 --> 00:27:21,436
And so she would say that
in a friendly manner

567
00:27:21,469 --> 00:27:22,637
in these e-mails.

568
00:27:22,671 --> 00:27:24,239
But the bottom line was,
it was like,

569
00:27:24,272 --> 00:27:26,841
"Keep your mouths shut.
I'll take care of everything."

570
00:27:28,043 --> 00:27:29,644
Narrator:
Even if the loan officers

571
00:27:29,678 --> 00:27:32,647
aren't acutely aware
of Champion-Cain's scheme,

572
00:27:32,681 --> 00:27:36,584
they certainly take advantage
of the perks she offers.

573
00:27:36,618 --> 00:27:39,821
Champion-Cain: I gave jewelry,
champagne,

574
00:27:39,854 --> 00:27:43,725
baseball tickets,
Charger suite tickets.

575
00:27:43,758 --> 00:27:46,461
We had corporate suites there.

576
00:27:46,494 --> 00:27:48,963
Narrator:
And it isn't always just perks.

577
00:27:49,064 --> 00:27:51,199
As Champion-Cain
testifies later,

578
00:27:51,232 --> 00:27:53,268
she sometimes
straight-up bolsters

579
00:27:53,301 --> 00:27:55,970
these Chicago Title
employees' bank accounts

580
00:27:56,071 --> 00:27:58,673
to try to keep them
in her favor.

581
00:28:05,347 --> 00:28:06,581
Yes.

582
00:28:11,353 --> 00:28:12,687
Yes.

583
00:28:16,257 --> 00:28:18,026
Well, she was very thankful.

584
00:28:20,328 --> 00:28:23,598
Betty was very thankful.

585
00:28:23,631 --> 00:28:25,900
Senturia: So, people got perks.

586
00:28:25,934 --> 00:28:27,335
And at the grand scheme
of things,

587
00:28:27,369 --> 00:28:30,014
you're talking about
$400 million and the perks were,

588
00:28:30,038 --> 00:28:34,342
I don't know, 20 grand,
30 grand, nothing.

589
00:28:34,376 --> 00:28:37,312
But you belonged.

590
00:28:37,345 --> 00:28:40,081
It's a little bit like
when you go to the nightclub

591
00:28:40,115 --> 00:28:41,759
and the guy waves you in
and everybody else

592
00:28:41,783 --> 00:28:44,652
is standing behind the rope.

593
00:28:44,686 --> 00:28:46,354
You feel special.

594
00:28:46,388 --> 00:28:49,033
And I think in the case
of these two women,

595
00:28:49,057 --> 00:28:51,860
I think that was important
that they got to feel

596
00:28:51,893 --> 00:28:54,129
they were part
of an inside group.

597
00:28:54,162 --> 00:28:57,699
Narrator: If feeling special
does encourage the loan officers

598
00:28:57,732 --> 00:29:00,335
to be willfully ignorant,
Champion-Cain

599
00:29:00,368 --> 00:29:03,905
certainly gives them plenty
of reasons to turn a blind eye.

600
00:29:04,005 --> 00:29:06,541
For example,
the escrow agreements

601
00:29:06,574 --> 00:29:09,377
that are the root
of the entire fraud.

602
00:29:09,411 --> 00:29:12,380
Galvin: When an investor would
put in money at Chicago Title,

603
00:29:12,414 --> 00:29:15,250
Champion-Cain would provide them
with an escrow agreement.

604
00:29:15,283 --> 00:29:16,618
And this escrow agreement

605
00:29:16,651 --> 00:29:19,054
would say that Chicago Title
held the money

606
00:29:19,087 --> 00:29:20,731
and that they couldn't
do anything with the money

607
00:29:20,755 --> 00:29:22,891
except for send it back
to the investor

608
00:29:22,924 --> 00:29:25,560
at the end
of the application process.

609
00:29:25,593 --> 00:29:27,495
Those escrow agreements
were fake.

610
00:29:27,529 --> 00:29:30,031
Gina Champion-Cain created them.

611
00:29:30,065 --> 00:29:35,403
She forged signatures on them
and she gave them to investors.

612
00:29:35,437 --> 00:29:39,774
Narrator: It's a lot of work
to steal that much money.

613
00:29:39,808 --> 00:29:41,209
Weisberg:
I mean, you could argue

614
00:29:41,242 --> 00:29:43,912
this was a $400 million
business enterprise.

615
00:29:43,945 --> 00:29:48,817
I mean, it was like operating
a really complex business

616
00:29:48,850 --> 00:29:51,386
and here this woman
pulled it off.

617
00:29:51,419 --> 00:29:55,523
Narrator:
Where did Champion-Cain
learn such dazzling skills?

618
00:29:55,557 --> 00:29:58,760
Maybe she'd had a taste before.

619
00:29:58,793 --> 00:30:00,895
When "American Greed" returns...

620
00:30:00,929 --> 00:30:03,231
the biggest fraudster
in San Diego history

621
00:30:03,264 --> 00:30:06,267
started out
on the other end of a scam.

622
00:30:06,301 --> 00:30:08,269
The ironic thing is
I was actually a victim

623
00:30:08,303 --> 00:30:09,804
of a Ponzi scheme.

624
00:30:14,342 --> 00:30:15,777
Narrator: Want more "Greed"?

625
00:30:15,810 --> 00:30:18,780
Follow us on Instagram,
connect on Facebook,

626
00:30:18,813 --> 00:30:21,082
and listen to the "American
Greed" podcast

627
00:30:21,116 --> 00:30:23,618
wherever you get your podcasts.

628
00:30:23,651 --> 00:30:25,186
We'll be right back.

629
00:30:28,512 --> 00:30:32,783
♪♪

630
00:30:32,816 --> 00:30:34,318
Narrator:
By the end of her fraud,

631
00:30:34,351 --> 00:30:36,487
Gina Champion-Cain
has orchestrated

632
00:30:36,520 --> 00:30:40,057
the largest Ponzi scheme
in San Diego history.

633
00:30:40,090 --> 00:30:44,328
Ironically, it echoes a fraud
she and a group of partners

634
00:30:44,361 --> 00:30:47,531
were victims of
just 10 years earlier.

635
00:30:48,165 --> 00:30:51,168
Weisberg: So, Gina...
She wanted to do

636
00:30:51,201 --> 00:30:53,037
this huge downtown
development project.

637
00:30:53,070 --> 00:30:57,641
It was a $300 million project,
so obviously you need financing.

638
00:30:57,675 --> 00:31:00,377
Cramer: And they found
a private-equity fund

639
00:31:00,411 --> 00:31:04,815
which claimed to be backed
by a lot of European,

640
00:31:04,848 --> 00:31:06,717
high-net-worth individuals

641
00:31:06,750 --> 00:31:10,954
who were looking to invest
in real-estate development

642
00:31:11,055 --> 00:31:12,389
in the United States.

643
00:31:12,423 --> 00:31:16,060
And so, in order to make
a loan application,

644
00:31:16,093 --> 00:31:23,600
they were required to deposit
$300,000 into a Florida bank.

645
00:31:23,634 --> 00:31:25,302
Narrator:
Champion-Cain and her partners

646
00:31:25,336 --> 00:31:28,405
make the $300,000 deposit

647
00:31:28,439 --> 00:31:30,841
and are soon provided
with all the paperwork

648
00:31:30,874 --> 00:31:33,844
indicating that the financing
for their project

649
00:31:33,877 --> 00:31:35,546
has been approved.

650
00:31:35,579 --> 00:31:39,583
All they have to do is wait for
the money to come flowing in.

651
00:31:41,418 --> 00:31:45,089
Cramer: Months go by
and the funds don't come in

652
00:31:45,122 --> 00:31:46,590
and they don't come in.

653
00:31:46,623 --> 00:31:51,295
And eventually Gina learns...
it's a fraud.

654
00:31:51,328 --> 00:31:53,163
The money's gone.

655
00:32:00,471 --> 00:32:01,605
Correct.

656
00:32:07,811 --> 00:32:08,846
Yes.

657
00:32:15,653 --> 00:32:17,187
Correct.

658
00:32:17,221 --> 00:32:20,157
Narrator:
But maybe the experience

659
00:32:20,190 --> 00:32:22,359
teaches Champion-Cain
a lesson...

660
00:32:22,393 --> 00:32:24,361
A lesson that brings in more

661
00:32:24,395 --> 00:32:27,765
than $350 million
from investors.

662
00:32:27,798 --> 00:32:30,734
Cramer: In the course of that
scheme that she was a victim of,

663
00:32:30,768 --> 00:32:33,904
she comes to find out
that all of these documents

664
00:32:33,937 --> 00:32:37,608
that she'd been receiving
from the private equity fund

665
00:32:37,641 --> 00:32:41,445
were forgeries and fabrications,
including, for example,

666
00:32:41,478 --> 00:32:43,414
documentation
about letters of credit

667
00:32:43,447 --> 00:32:46,917
that secured
their $300,000 deposit.

668
00:32:46,950 --> 00:32:50,654
So, what should have been
a cautionary tale for Gina

669
00:32:50,688 --> 00:32:53,857
ends up planting a seed
or inspiring her

670
00:32:53,891 --> 00:32:58,395
to launch the scheme
that she did.

671
00:32:58,429 --> 00:33:00,931
Narrator:
If the experience plants a seed,

672
00:33:01,031 --> 00:33:04,635
the fruits of her fraud
are about to be exposed

673
00:33:04,668 --> 00:33:09,173
because people are starting
to catch on to her.

674
00:33:18,882 --> 00:33:22,219
The Torrey Pines incident
was the big one.

675
00:33:23,520 --> 00:33:24,955
Narrator: In 2017,

676
00:33:25,055 --> 00:33:28,258
Kim Peterson reaches out
to Torrey Pines Bank

677
00:33:28,292 --> 00:33:30,427
looking for a $5 million loan

678
00:33:30,461 --> 00:33:32,930
to invest in
the licensing program.

679
00:33:32,963 --> 00:33:35,599
Torrey Pines
is a big real-estate bank,

680
00:33:35,632 --> 00:33:40,204
well known, and they agree
to lend him $5 million,

681
00:33:40,237 --> 00:33:43,974
which he's gonna put into the
liquor-license program of Gina,

682
00:33:44,074 --> 00:33:46,643
and he's gonna make money on it.

683
00:33:46,677 --> 00:33:49,380
Narrator: But before
Torrey Pines will make the loan,

684
00:33:49,413 --> 00:33:50,981
they want to see some backup

685
00:33:51,081 --> 00:33:55,953
and ask Kim Peterson to provide
copies of his escrow agreements.

686
00:33:55,986 --> 00:33:58,789
He provides copies of agreements
from Chicago Title

687
00:33:58,822 --> 00:34:02,559
representing a total
of $140 million,

688
00:34:02,593 --> 00:34:06,330
signed by a supposed
Chicago Title employee...

689
00:34:06,363 --> 00:34:08,132
Wendy Reynolds.

690
00:34:08,165 --> 00:34:11,135
Peterson: One of the bankers
called down to Chicago Title

691
00:34:11,168 --> 00:34:13,470
'cause they were confused
about the wiring instructions

692
00:34:13,504 --> 00:34:15,539
and asked for Wendy Reynolds.

693
00:34:15,572 --> 00:34:17,875
And they said, you know,
that there,

694
00:34:17,908 --> 00:34:20,544
"We don't know
a Wendy Reynolds here."

695
00:34:20,577 --> 00:34:24,415
It's a made-up name.
Gina made it up.

696
00:34:24,448 --> 00:34:27,584
Narrator: In a careless blunder,
Champion-Cain forges

697
00:34:27,618 --> 00:34:31,755
the name of a fictitious person
on Peterson's escrow agreements.

698
00:34:31,789 --> 00:34:34,625
And while Torrey Pines
is unraveling that mystery,

699
00:34:34,658 --> 00:34:37,161
Michael Brewer is doing
some digging of his own

700
00:34:37,194 --> 00:34:41,532
when a client asks him
about the lending program.

701
00:34:41,565 --> 00:34:44,335
Brewer: He called me up out
of the blue and asked me,

702
00:34:44,368 --> 00:34:45,669
well, what did I think of this

703
00:34:45,703 --> 00:34:48,439
and would I look
into it for him.

704
00:34:48,472 --> 00:34:50,607
And I immediately had a number
of concerns

705
00:34:50,641 --> 00:34:53,053
with the documents
that were provided to him

706
00:34:53,077 --> 00:34:54,578
because they were deals

707
00:34:54,611 --> 00:34:57,414
that did not require
liquor-license escrows.

708
00:34:57,448 --> 00:34:59,483
So those were automatically
red flags that,

709
00:34:59,516 --> 00:35:00,818
"No, there's no escrow on these,

710
00:35:00,851 --> 00:35:02,586
so why would they need
to borrow money

711
00:35:02,619 --> 00:35:05,656
because there's no escrow
required in the first place."

712
00:35:05,689 --> 00:35:07,691
And going through
the due-diligence platform,

713
00:35:07,725 --> 00:35:10,461
we discovered...
We came to the conclusion

714
00:35:10,494 --> 00:35:11,929
that it was a Ponzi scheme.

715
00:35:12,029 --> 00:35:15,733
Narrator:
And Brewer isn't the only one

716
00:35:15,766 --> 00:35:18,202
beginning to see the light.

717
00:35:18,235 --> 00:35:20,604
When "American Greed" returns...

718
00:35:20,637 --> 00:35:23,374
the feds are after
Champion-Cain,

719
00:35:23,407 --> 00:35:26,910
and she knows it will
only end one way.

720
00:35:26,944 --> 00:35:29,079
Champion-Cain: Yeah.
They never work.

721
00:35:29,113 --> 00:35:31,081
Ponzi schemes never work.

722
00:35:31,115 --> 00:35:33,651
Everyone knows that.
Man: Right.

723
00:35:33,684 --> 00:35:40,357
♪♪

724
00:35:44,061 --> 00:35:47,665
♪♪

725
00:35:47,698 --> 00:35:51,702
Narrator: In May 2019,
Gina Champion-Cain

726
00:35:51,735 --> 00:35:54,772
receives a disturbing letter
from the SEC

727
00:35:54,805 --> 00:35:58,175
announcing that she is
under investigation.

728
00:35:58,208 --> 00:36:01,512
But she isn't ready
for last call.

729
00:36:01,545 --> 00:36:02,880
Galvin: On the one hand,

730
00:36:02,913 --> 00:36:05,416
she was cooperative
with their investigation.

731
00:36:05,449 --> 00:36:06,784
But behind closed doors,

732
00:36:06,817 --> 00:36:08,619
she was doing everything
she could to thwart

733
00:36:08,652 --> 00:36:10,654
the government's
investigation of her scheme.

734
00:36:10,688 --> 00:36:14,491
She instructed employees
not to produce certain documents

735
00:36:14,525 --> 00:36:16,002
that were incriminating.

736
00:36:16,026 --> 00:36:18,062
She ordered employees
in the accounting department

737
00:36:18,095 --> 00:36:20,497
to alter accounting records
to make it look

738
00:36:20,531 --> 00:36:24,101
like she didn't use investor
funds for personal expenses.

739
00:36:24,134 --> 00:36:26,603
She ordered employees
to shred a huge volume

740
00:36:26,637 --> 00:36:29,606
of hard-copy documents
that were incriminating.

741
00:36:29,640 --> 00:36:31,241
Even after she knew
that the government

742
00:36:31,275 --> 00:36:32,776
was investigating her scheme,

743
00:36:32,810 --> 00:36:35,145
she continued to try to
get money from investors.

744
00:36:35,179 --> 00:36:36,780
She couldn't stop.

745
00:36:36,814 --> 00:36:39,183
She tried to get $150 million

746
00:36:39,216 --> 00:36:42,252
to add to her fund
with this misguided belief

747
00:36:42,286 --> 00:36:44,521
that with that additional money
she could keep it going,

748
00:36:44,555 --> 00:36:46,032
that she could make

749
00:36:46,056 --> 00:36:47,891
all the government
investigators go away,

750
00:36:47,925 --> 00:36:51,037
prop up her business
and everything would be fine.

751
00:36:51,061 --> 00:36:54,932
Champion-Cain: We were working
on the Patio Marketplace IPO

752
00:36:54,965 --> 00:36:57,043
that we were gonna
take that public

753
00:36:57,067 --> 00:37:00,037
and put it out there
and get the money back

754
00:37:00,070 --> 00:37:04,274
to pay the folks
the outstanding debt back,

755
00:37:04,308 --> 00:37:07,478
and that was the goal.

756
00:37:07,511 --> 00:37:09,489
Weisberg: You know, when you
hear that, it almost sounds

757
00:37:09,513 --> 00:37:11,849
like the addicted gambler

758
00:37:11,882 --> 00:37:15,152
who wants to go to the
blackjack table one more time.

759
00:37:15,185 --> 00:37:18,088
She was convinced that
the strength of her portfolio

760
00:37:18,122 --> 00:37:20,724
was gonna...
By taking it public,

761
00:37:20,758 --> 00:37:23,694
she could pay everyone back.

762
00:37:23,727 --> 00:37:27,131
Narrator: She doesn't just mine
the big pockets of San Diego.

763
00:37:27,164 --> 00:37:30,467
She even takes advantage of
her loyal acolytes and friends

764
00:37:30,501 --> 00:37:35,472
for every dollar she can get
to save her scheme and her skin,

765
00:37:35,506 --> 00:37:38,642
no matter what the circumstance.

766
00:37:38,676 --> 00:37:40,811
When Pamela Corey's father dies,

767
00:37:40,844 --> 00:37:43,147
she inherits $20,000.

768
00:37:43,180 --> 00:37:47,718
And she entrusts it all to her
mentor, Gina Champion-Cain.

769
00:37:47,751 --> 00:37:50,721
It's the first investment
she's ever made.

770
00:37:50,754 --> 00:37:52,565
Corey: You know, before,
I was just kind of living

771
00:37:52,589 --> 00:37:54,224
paycheck to paycheck, you know,

772
00:37:54,258 --> 00:37:57,328
just kind of living
your normal life.

773
00:37:57,361 --> 00:38:01,598
And, yeah, so it was exciting
to have money to use.

774
00:38:01,632 --> 00:38:03,100
Narrator: But she might as well

775
00:38:03,133 --> 00:38:05,102
be flushing it all
down the toilet,

776
00:38:05,135 --> 00:38:08,839
because the feds are about
to break down the door.

777
00:38:08,872 --> 00:38:11,208
The same day Champion-Cain
receives her letter

778
00:38:11,241 --> 00:38:16,780
from the SEC,
Kim Peterson is also subpoenaed.

779
00:38:16,814 --> 00:38:19,993
He thinks it must all be
a misunderstanding.

780
00:38:20,017 --> 00:38:24,154
But Peterson is the one
who doesn't understand.

781
00:38:24,188 --> 00:38:27,091
They start showing me all these
escrow documents and I go,

782
00:38:27,124 --> 00:38:29,793
"Yeah, yeah, yeah,"
identify all the stuff

783
00:38:29,827 --> 00:38:32,830
and they ask me questions
for 7-8 hours,

784
00:38:32,863 --> 00:38:34,541
you know, about the business
and all this stuff,

785
00:38:34,565 --> 00:38:36,800
and nothing unusual.

786
00:38:36,834 --> 00:38:38,378
And then at the end,
they give me this...

787
00:38:38,402 --> 00:38:42,139
The final document they gave me
was a holding agreement.

788
00:38:43,907 --> 00:38:46,076
Narrator:
The document is stunning.

789
00:38:46,110 --> 00:38:49,613
It's an agreement between
Champion-Cain and Chicago Title

790
00:38:49,646 --> 00:38:55,753
forged by Champion-Cain entirely
without Peterson's knowledge.

791
00:38:55,786 --> 00:38:57,855
It allows Champion-Cain access

792
00:38:57,888 --> 00:39:00,224
to the hundreds
of millions of dollars

793
00:39:00,257 --> 00:39:03,394
that Peterson believes
is being held safely

794
00:39:03,427 --> 00:39:06,530
in his own escrow accounts.

795
00:39:06,563 --> 00:39:11,068
He asks his lawyers to look
into it and gets terrible news.

796
00:39:11,101 --> 00:39:13,671
Not only is the document real,

797
00:39:13,704 --> 00:39:17,374
but all his escrow agreements
are fake.

798
00:39:17,408 --> 00:39:19,786
Peterson: He called and said all
those escrows are fraudulent

799
00:39:19,810 --> 00:39:21,988
and there's only $11 million
in this account.

800
00:39:22,012 --> 00:39:24,415
There's not $140 million.

801
00:39:24,448 --> 00:39:27,418
And I just went, "Oh, my God."

802
00:39:27,451 --> 00:39:31,889
So that is when, you know,
then we knew that there was,

803
00:39:31,922 --> 00:39:34,191
you know, a big problem.

804
00:39:34,224 --> 00:39:36,060
Narrator:
It's becoming a big problem

805
00:39:36,093 --> 00:39:37,428
for Champion-Cain as well.

806
00:39:37,461 --> 00:39:42,366
On August 28, 2019,
the SEC freezes all of her

807
00:39:42,399 --> 00:39:46,203
and American National
Investments' assets.

808
00:39:46,236 --> 00:39:50,774
And in July 2020,
criminal charges are filed.

809
00:39:50,808 --> 00:39:55,079
Champion-Cain admitted
under oath in court

810
00:39:55,112 --> 00:39:58,449
that she was the mastermind
of a massive

811
00:39:58,482 --> 00:40:02,052
$400 million Ponzi scheme.

812
00:40:02,086 --> 00:40:05,689
Galvin: Ultimately, Gina
Champion-Cain pleaded guilty,

813
00:40:05,723 --> 00:40:08,392
accepted responsibility
for her role

814
00:40:08,425 --> 00:40:11,462
in orchestrating
the biggest Ponzi scheme

815
00:40:11,495 --> 00:40:13,731
in the history of San Diego.

816
00:40:13,764 --> 00:40:15,232
Over seven years,

817
00:40:15,265 --> 00:40:18,002
she brought in nearly
$400 million from investors.

818
00:40:18,035 --> 00:40:21,005
Investors lost over $180 million

819
00:40:21,038 --> 00:40:23,207
and she used tens
of millions of dollars

820
00:40:23,240 --> 00:40:27,011
to prop up her businesses and
for her own personal expenses.

821
00:40:28,345 --> 00:40:29,713
Narrator:
Despite the betrayal,

822
00:40:29,747 --> 00:40:32,082
as Champion-Cain
awaits sentencing,

823
00:40:32,116 --> 00:40:36,920
Pamela Corey remains in touch
with the woman she once admired.

824
00:40:36,954 --> 00:40:38,689
Corey: She didn't directly say,
"I'm sorry."

825
00:40:38,722 --> 00:40:41,425
She just said, "I promise
you'll get all your money back,

826
00:40:41,458 --> 00:40:45,095
you know, and I'm going
to pay everybody back."

827
00:40:45,129 --> 00:40:46,673
But she said she felt like
she had a weight

828
00:40:46,697 --> 00:40:49,266
lifted off her shoulders,
like, she slept better at night

829
00:40:49,299 --> 00:40:50,934
because now she doesn't have
to carry

830
00:40:50,968 --> 00:40:54,705
this huge lie around with her,
so...

831
00:40:54,738 --> 00:40:56,140
I don't know.

832
00:40:56,173 --> 00:40:59,643
It's hard to get into the mind
of a sociopath.

833
00:40:59,677 --> 00:41:04,448
Narrator: At sentencing,
the judge's gavel lands hard.

834
00:41:04,481 --> 00:41:07,027
Champion-Cain was sentenced
to 15 years in prison,

835
00:41:07,051 --> 00:41:08,528
and what's interesting
and significant

836
00:41:08,552 --> 00:41:11,422
about this sentencing
was that federal prosecutors

837
00:41:11,455 --> 00:41:12,456
had actually asked

838
00:41:12,489 --> 00:41:16,036
for 130 months' sentence,
which is about 12 years.

839
00:41:16,060 --> 00:41:17,695
And the judge actually
didn't think

840
00:41:17,728 --> 00:41:22,042
that was enough and tacked
more years onto her sentence.

841
00:41:22,066 --> 00:41:25,045
Narrator:
For many, justice was served.

842
00:41:25,069 --> 00:41:28,048
She defrauded all of San Diego
and Mission Beach

843
00:41:28,072 --> 00:41:31,408
and, you know, it's a bummer
to drive by the stores

844
00:41:31,442 --> 00:41:34,211
and see them all closed down,
you know.

845
00:41:34,244 --> 00:41:37,448
But there's just bad karma
in there.

846
00:41:37,481 --> 00:41:40,417
This whole place
needs to be saged.

847
00:41:40,451 --> 00:41:42,953
Narrator: Over the course
of speaking with Champion-Cain

848
00:41:42,987 --> 00:41:44,521
while researching his book,

849
00:41:44,555 --> 00:41:49,560
Neil Senturia says one
interaction with her stands out.

850
00:41:49,593 --> 00:41:50,995
Senturia: There's a moment

851
00:41:51,095 --> 00:41:52,696
when I ask her
the following question.

852
00:41:52,730 --> 00:41:59,336
I say, "Gina, if you'd only had
the one really good restaurant,

853
00:41:59,370 --> 00:42:03,574
The Patio, and two
or three vacation rentals,

854
00:42:03,607 --> 00:42:05,576
would it have been enough?"

855
00:42:05,609 --> 00:42:13,584
And there's a... a moment and I
think she nods and says, "Yeah."

856
00:42:13,617 --> 00:42:17,287
And so the question
for all of us in some ways is.

857
00:42:17,321 --> 00:42:18,822
"How much is enough?"

858
00:42:18,856 --> 00:42:26,856
♪♪

859
00:42:56,427 --> 00:42:59,596
<font color="#ffff00">Captions by VITAC</font>...

860
00:42:59,630 --> 00:43:07,630
♪♪