Fraudster Yida “Benny” Xiong spared jail over $300k real estate scam that fleeced Chinese investors
Arrogant and intoxicated by deceit, he fleeced $300,000 from overseas investors. In court, this fraudster wept as a judge outlined the shame he had brought upon himself and his family.
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A fraudster who became “intoxicated” by his ability to deceive Chinese investors has wept as a judge spared him jail — but said he had stained his reputation and shamed his family.
Yida “Benny” Xiong stood in the District Court with his head bowed as he was sentenced for duping two women into handing over $318,000 for land he never purchased.
The would-be businessman removed his glasses and wiped away tears as Judge Wayne Chivell said Xiong had humiliated not only his victims, but also himself, through his arrogance.
“It seems you may have become intoxicated by the ease with which you could manipulate people who were so far away and has so little idea about Australia,” he said.
“You have brought great shame upon yourself and your family through your behaviour … you will have to make full restitution if you are to salvage some part of your reputation.
“You will need to work hard to rehabilitate yourself from this stain to your reputation … the damage you have done to it is a substantial punishment in itself.”
Xiong, 28, of Eden Hills, was found guilty at trial of two counts of theft, relating to his deception of two foreign investors between 2013 and 2016.
He told the women — both based in China, neither of whom spoke English — he had purchased land at Mitcham for them as investments, but used their cash to fund his lush lifestyle.
During his trial, Xiong contacted media outlets insisting the charges against him had been dropped, and asking all reference to his case be deleted from the internet.
In sentencing, Judge Chivell said Xiong repeatedly lied to the women, insisting the land was theirs even after one block was re-offered for sale and the other bought by someone else.
“This was an elaborate, planned, sustained and fraudulent scheme, not mere disorganised business practice or carelessness on your part,” he said.
“You exploited the inability of both women to read or speak English, and exploited their lack of knowledge of Australian business practices.
“You became arrogant and were spending their money in order to enjoy a luxurious lifestyle, no doubt enjoying giving the impression you were a successful businessman.”
He noted Xiong had already repaid $250,000 of the stolen money, had drafted a cheque for a further $45,000 and intended to reimburse the remainder over two years.
“I accept you have grown up since then, and that it’s unlikely you will reoffend,” he said.
He suspended Xiong’s three-year, four-month jail term on condition of a three-year, $1000 good behaviour bond.