California State Treasurer Fiona Ma is under scrutiny for accepting substantial campaign contributions from Steven Ma, the founder of a Chinese boarding school embroiled in a fraud investigation. During a covert visit in 2023, she allegedly promised job and internship opportunities for the children of Chinese elites.
Fiona Ma, who is campaigning for the position of lieutenant governor, received over $30,000 from Steven Ma. He is the founder of Pegasus California School, a $34,000-a-year institution in Qingdao, accused of issuing fraudulent California diplomas to privileged Chinese students.
A comprehensive 1000-page audit by Riverside County revealed a “pattern of favors, official acts, promises, and payments” associated with a pilot program between Pegasus California School and the Val Verde School District in Riverside County.
The audit claims that Pegasus California School distributed diplomas resembling those from Val Verde schools in California. This was a draw for Chinese students aiming for admission to the prestigious University of California system, facilitated by high-ranking officials from the Department of Education and Val Verde School District who supported the program.
Steven Ma collaborated with former California Superintendent Tom Torlakson, Val Verde school administrator Michal McCormick, and consultant Dave Long to help Chinese students gain admission to the University of California. This arrangement was described as “sketchy” by a university official quoted by Business Insider.
The audit uncovered indications of “potential bribes and/or kickbacks” to California officials. These included a $13,600 campaign donation to Torlakson, a consulting offer to McCormick, and complimentary trips to China for school board members.
Federal prosecutors have initiated an investigation into the connections between Pegasus California School and California agencies.
“Our duty is to protect the integrity of public education and ensure that taxpayer funds are used lawfully and transparently,” stated Riverside County Superintendent of Schools Dr. Edwin Gomez.
“This audit highlights serious concerns that warrant further examination by the proper authorities. We will continue to act with integrity, adhere to the law, and prioritize the interests of students and the public,” he added.
Steven Ma, who also led an education company named Think Tank Learning, amassed significant wealth from his educational ventures. He purchased a $364,000 private jet, a $115,000 Mercedes-Benz, and a home valued at over $2.8 million in affluent Pleasanton, according to bankruptcy filings after the company’s collapse during the COVID-19 pandemic.
Steven Ma also contributed to various political candidates, including Fiona Ma, a seasoned Democratic official who was a member of the State Assembly and the Board of Equalization before becoming State Treasurer in 2019.
In early 2023, Steven Ma made six significant donations totaling $13,200 to Fiona Ma’s lieutenant governor campaign, just months before her personal visit to the school. During the visit, she reportedly offered “internship and employment opportunities,” as stated on the school’s website.
In September 2023, Ma visited Pegasus School, as announced in an Instagram post about her vacation.
“Fiona chose Pegasus as the sole school to visit in China, demonstrating the California government’s recognition and attention to Pegasus,” the school claimed in a now-archived blog post.
“I am honored to visit Qingdao Pegasus California School today, to see student performances and engage with them. If they want to intern in California, they can reach out to me, and I will provide internship and employment opportunities,” the post stated, appearing to paraphrase Fiona Ma.
The school’s alumni page lists many students enrolled at UC Berkeley, UCLA, UC Santa Barbara, and other top state universities.
Steven Ma has been a longstanding supporter of Fiona Ma’s political ambitions, contributing $7,600 to her State Board of Equalization campaign between 2015 and 2016, according to campaign records.
He later contributed $14,000 to her campaign for State Treasurer in 2018, as shown in the records.
The California Department of Education issued a cease-and-desist order to Pegasus, demanding the removal of references to state agencies.
Fiona Ma’s campaign did not respond to a request for comment.
