San Diego Woman Pleads Guilty to Embezzling $8.5 Million from Employer

SAN DIEGO – Ping “Jenny” Gao, a resident of Point Loma, has pleaded guilty in federal court, admitting that she embezzled more than $8.5 million from her employer by draining four bank accounts belonging to his U.S. companies.

According to her plea agreement, Gao funneled company funds into accounts she fraudulently created and then went on a spending spree, buying a $160,000 Porsche and a $2.9 million home with views overlooking San Diego Bay and the downtown skyline.

When her employer discovered the theft and sued in San Diego Superior Court, Gao falsely claimed her actions were authorized by the real owner of the companies in China and the person who sued her was an “imposter.” To support this false defense, Gao paid more than $100,000 of embezzled funds to people in China to fabricate evidence, which she then knowingly filed with the Superior Court to oppose a motion for a preliminary injunction. Gao also committed perjury at her deposition in the civil matter by claiming the funds in the companies’ bank accounts belonged to her.

Though the Superior Court issued multiple orders barring Gao from further spending, transferring, or dissipating the proceeds during the pendency of the civil case, Gao disregarded the orders and continued to make transactions with the embezzled proceeds. Those transactions included wiring $1.6 million overseas to a bank account in Hong Kong, China.

In September 2023, the civil case went to trial and Gao testified in her defense. Gao committed perjury again by claiming the funds were from her investments in China. She also falsely claimed that one of the managers of the companies was helping to move her funds into the United States using “underground banks” to avoid Chinese laws limiting overseas transfers.

The Superior Court ultimately ruled against Gao and converted the preliminary injunction into a permanent injunction. Despite the permanent injunction, Gao continued to dissipate proceeds in violation of court order. This included selling the $160,000 Porsche to CarMax for $75,000 and exchanging a $70,000 cashier’s check from proceeds of that transaction with another individual for cash.

According to her plea agreement, Gao admitted that she transferred more than $1 million of the embezzled funds to her personal bank accounts and spent hundreds of thousands of dollars on luxuries and at high-end fashion stores. There is also more than $3.29 million of embezzled funds that were squandered or remain unaccounted for to date.

This plea hearing took place on November 13, 2025. This press release was slightly delayed due to the lapse in appropriations.

This case is being prosecuted by Assistant U.S. Attorney Patrick C. Swan.

DEFENDANTS                                            Case Number 23-CR-2380-JES                  

Ping Gao, aka Jenny Gao, Gao Ping               Age: 55                                   San Diego, CA

SUMMARY OF CHARGES

Wire Fraud – Title 18, U.S.C., Section 1343

Maximum penalty: Thirty years in prison and fine of $250,000 or twice the gross gain or loss from the offense, whichever is greater

Concealment Money Laundering – Title 18, U.S.C., Section 1956(a)(1)(B)(i)

Maximum penalty: Twenty years in prison and fine of $500,000 or twice the value of the property involved in the transaction, whichever is greater

INVESTIGATING AGENCY

Federal Bureau of Investigation