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.
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.