Ping “Jenny” Gao, a resident of Point Loma in San Diego, pleaded guilty in federal court to embezzling more than $8.5 million from her employer by transferring funds from four company bank accounts into fraudulent accounts she controlled.
According to the plea agreement, Gao used the stolen money for personal purchases, including a Porsche valued at $160,000 and a $2.9 million home with views of San Diego Bay and downtown. When her employer discovered the theft and filed a lawsuit in San Diego Superior Court, Gao falsely claimed that her actions were authorized by the real owner of the companies based in China and accused the plaintiff of being an imposter.
To support this defense, Gao paid over $100,000 to individuals in China to fabricate evidence. She then submitted this false evidence to the Superior Court as part of her opposition to a preliminary injunction. During civil proceedings, she also committed perjury by claiming ownership of the funds held in company accounts.
Despite multiple court orders prohibiting further use or transfer of embezzled assets during litigation, Gao continued transactions with these proceeds. These included wiring $1.6 million overseas to an account in Hong Kong.
In September 2023, during trial proceedings for the civil case, Gao again testified that the funds originated from her investments in China and alleged assistance from a company manager using “underground banks” to bypass Chinese regulations on overseas transfers. The Superior Court ultimately ruled against her and made its injunction permanent; however, she continued violating court orders by selling the Porsche for $75,000 through CarMax and exchanging a cashier’s check for cash.
Gao admitted transferring more than $1 million into personal accounts and spending hundreds of thousands at luxury retailers. Over $3.29 million remains unaccounted for or has been squandered.
The plea hearing was held on November 13, 2025; release of this information was delayed due to appropriations issues.
Assistant U.S. Attorney Patrick C. Swan is prosecuting the case against Ping Gao (also known as Jenny Gao), age 55.
Gao faces charges under Title 18 U.S.C., Section 1343 (Wire Fraud) with a maximum penalty of thirty years imprisonment and fines up to either $250,000 or twice any gross gain or loss—whichever is greater—and under Title 18 U.S.C., Section 1956(a)(1)(B)(i) (Concealment Money Laundering), which carries up to twenty years imprisonment and fines up to either $500,000 or twice the value involved.
The Federal Bureau of Investigation conducted the investigation.
