NEWARK, N.J. (AP) — Federal authorities have accused a New Jersey woman of defrauding investors in the U.S. and China of more than $10 million.
Authorities say 52-year-old Sara Rong Liu falsely represented to investors that her purported textile company had been awarded a lucrative contract by New York City's Design and Construction Fund Department.
Prosecutors say investors gave Liu millions after she told them her company needed to pay fees before payments would be released to Hackensack-based Westone Inc.
Authorities say Liu also told investors she needed to pay taxes on her deceased uncle's estate in China.
Liu is charged with wire fraud and is awaiting an initial court appearance Thursday.