In June 2020, the Restis Law Firm joined AFN Law to sue leaders of a massive international Ponzi scheme in Seattle Superior Court. We represent twelve investors who lost over $32 million in the alleged investment fraud.
The Complaint alleges the defendants engaged in a massive international fraud known as “Golden Sun”. At the heart of the fraud was a fictitious Real Estate Investment Trust (“REIT”). Victims were led to believe they were investing in a REIT that owned properties in China and the U.S. Instead, investor funds were directed through a network of fraudulent shell companies into the defendants’ control. After taking victims’ funds in China, principal defendant and alleged Golden Sun mastermind Jailin Niu fled to Seattle, her home-base. There, she and her alleged co-conspirator Troy McBride bought luxury mansions and other high-priced real estate throughout King County using U.S. shell companies.
Soon after filing the complaint, we sought an asset freeze injunction and writ of attachment against a significant portion of defendants’ real estate portfolio. The Honorable Judge Kristen Richardson concluded that our clients have a high probability of successfully proving their fraud claims, and froze approximately $40 million of defendants’ real estate.
Media attention to our efforts and success prompted additional victims to come forward. We successfully sought to freeze additional properties pending final resolution of the case.
The lawsuit is Mari Kusada et al v. Jailin Niu et al, No 20-2-03299-9 SEA, in Washington’s King County Superior Court.