SAN DIEGO — San Diego business woman Gina Champion-Cain and her investment company are facing charges by the U.S. Securities and Exchange Commission alleging that over a period of several years, Cain defrauded roughly 50 investors out of $300 million.
Cain and her umbrella corporation, American National Investments, have business interest in dozens of San Diego businesses, from The Patio to Surfrider Pizza to Bao Beach to Swell Coffee.
According to the complaint, Cain told investors they could turn a profit with returns up to 25% in one year by providing short term high interest loans to retailers applying for alcohol licenses. One of those investors, according to the complaint, contacted an escrow company directly to check on his investment.
Cain allegedly later emailed the escrow officers saying: “I told them never to call and bother you ladies.”
Four years ago, News 8 spoke with the high-profile business developer as she took over the ownership of Saska’s in Mission Beach.
“I love everything about what this represents to the community,” Cain said at the time.
According to federal officials, the defendants have agreed to the freezing of assets without admitting to any guilt. It remains unclear if any criminal charges will be filed.