San Diego woman embezzles millions from employer, buys Porsche amid shopping spree

POINT LOMA, Calif. (FOX 5/KUSI) — A woman from Point Loma pleaded guilty in federal court last Thursday, admitting she embezzled more than $8.5 million from her employer and spent a portion of the stolen funds on luxuries and high-end fashion.

According to a press release from the Department of Justice, Ping “Jenny” Gao, 55, embezzled the funds from her employer by draining four bank accounts belonging to his U.S. companies.

In her plea agreement, Goa admitted to funneling company funds into fraudulent accounts she created. She reportedly used the stolen funds on lavish shopping sprees at high-end fashion retailers and also purchased a $160,000 Porsche and a $2.9 million home overlooking San Diego Bay.

When the employer discovered the stolen funds, he attempted to sue Gao in San Diego Superior Court, during which she falsely claimed that the person suing her was an imposter and that the real owner of the company in China authorized her actions.

To support her false defense, Gao reportedly paid more than $100,000 to people in China to help fabricate evidence, and she also committed perjury at her deposition by claiming the funds in the companies’ bank accounts belonged to her, according to the report.

While the Superior Court issued orders barring Gao from further spending, transferring,
or dissipating the funds during the pendency of the civil case, she reportedly disregarded the orders and wired $1.6 million to a bank account in Hong Kong.

In 2023, the civil case went to trial with Gao testifying in her own defense. In her defense, she falsely claimed a manager from one of the companies was helping her move the funds to the U.S. by using “underground banks” to avoid Chinese overseas transfer laws.

The court ruled against Gao and turned the preliminary injunction into a permanent one.

However, Gao violated the court order and continued to spend the funds, which reportedly included selling the Porsche to CarMax for $75,000 and exchanging a $70,000 cashier’s check for cash.

To date, more than $3.9 million of the embezzled funds have been either squandered or remain unaccounted.

Gao’s summary of charges includes Wire Fraud, which carries a maximum penalty of 30 years in prison, and Concealment Money Laundering, which carries a maximum penalty of 20 years and fines of $500,000 or more.