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California’s state treasurer, Fiona Ma, is currently under scrutiny for accepting substantial campaign contributions from Steven Ma, the founder of a Chinese boarding school embroiled in a significant fraud investigation. Reports suggest that during a discreet visit in 2023, Fiona Ma allegedly assured Chinese elites that their children would receive job and internship opportunities.
Steven Ma, whose Qingdao-based boarding school charges $34,000 annually, is under investigation for allegedly issuing fraudulent California diplomas to influential Chinese students. These diplomas purportedly helped students gain admission to prestigious institutions like the University of California.
In her bid for the position of lieutenant governor, Fiona Ma has reportedly accepted over $30,000 from Steven Ma. This financial backing is now raising questions given the school’s involvement in a controversial diploma scheme.
The scandal was uncovered through an extensive 1,000-page audit by Riverside County, which identified a concerning pattern of favors, official acts, promises, and payments. These were linked to a pilot program approved by the government between Pegasus California School and the Val Verde School District in Riverside County.
The audit revealed that Pegasus California School was issuing diplomas that appeared to be from Val Verde schools in California. This was a crucial selling point for Chinese students aiming to enter the elite University of California system. The program’s promotion involved high-ranking officials from the Department of Education and Val Verde School District.
The audit found evidence of “potential bribes and/or kickbacks in the form of direct and indirect financial benefits” to the California officials — such as a $13,600 campaign contribution to Torlakson, a paid consulting offer to McCormick, and free trips to China for school board members.
Federal prosecutors have since launched a probe into Pegasus California School’s ties to California agencies.
“Our responsibility is to safeguard the integrity of public education and ensure that taxpayer resources are used lawfully and transparently,” said Riverside County Superintendent of Schools Dr. Edwin Gomez in a statement.
“This audit identified serious concerns that merit further review by the appropriate authorities. We will continue to act with integrity, follow the law, and ensure that the interests of students and the public remain at the center of every decision,” he added.
Steven Ma, who also ran an education firm called Think Tank Learning, profited handsomely from his education ventures — buying up a $364,000 private plane, a $115,000 Mercedes-Benz, and a home worth more than $2.8 million in wealthy Pleasanton, according to bankruptcy papers filed after the company went belly-up during Covid.
He also spent some of his spoils on political candidates — including Ma, a longtime Dem official who served in the State Assembly and on the Board of Equalization before becoming state Treasurer in 2019.
Starting in early 2023, Steven Ma made six hefty donations totaling $13,200 to Fiona Ma’s campaign for lieutenant governor — just months before she personally visited the school, promising access to “internship and employment opportunities,” according to a blog post on the school’s website.
Ma paid a visit to Pegasus School in September 2023 after announcing she was going on vacation in an Instagram post.
“Fiona chose Pegasus as the only school to visit in China, which shows the California government’s recognition and attention to Pegasus,” the school boasted in the now-archived blog post.
“I am honored to come to Qingdao Pegasus California School today to see many students perform and communicate with them. If they want to intern in California, they can come to me, I will provide some internship and employment opportunities,” the post read, appearing to paraphrase Ma.
The school’s alumni page shows numerous students enrolled UC Berkeley, UCLA. UC Santa Barbara and other stop state schools.
Steven Ma was a longtime supporter of Ma’s political aspirations, contributing $7,600 to her State Board of Equalization campaign between 2015 and 2016, according to campaign records.
He then kicked in $14,000 to her campaign for treasurer in 2018, records show.
The California Department of Education was forced to issue a cease-and-desist to Pegasus demanding it delete references to state agencies.
Ma’s campaign did not respond to a request for comment.