According to reports, California State Treasurer Fiona Ma has received significant campaign contributions—over $30,000—from Stephen Ma, the founder of a Chinese boarding school implicated in a bombing investigation. During a private visit in 2023, he allegedly promised job and internship opportunities for the children of Chinese elites.
Stephen Ma is currently under scrutiny for potentially issuing a high volume of fraudulent California diplomas for privileged Chinese students. He founded a $34,000-a-year boarding school in Qingdao and is running into issues that have raised eyebrows.
A detailed 1,000-page audit by Riverside County highlighted a “pattern of favors, public acts, promises, and payments” linked to a pilot program authorized by the county’s Pegasus California Schools and the Val Verde School District. This audit revealed that Pegasus California Schools had distributed diplomas that seemed to come from Val Verde Schools, thanks to the collusion of school district executives and the Department of Education—something that made the program attractive to Chinese students aiming for spots at the prestigious University of California.
Stephen Ma worked with several education and government officials, including former California Superintendent Tom Torlakson, to help Chinese students secure admission to competitive California universities—a setup some officials have termed “sketchy.” The audit uncovered potential evidence of financial improprieties directed toward California officials, including a $13,600 campaign contribution to Torlakson and offers of consulting deals and trips to China for school board members.
Federal prosecutors have opened an investigation into the ties between Pegasus California School and state agencies. Riverside County Superintendent Dr. Edwin Gomez expressed concerns about maintaining the integrity of public education and ensuring taxpayer funds are used appropriately. He stated that the findings of the audit warranted further examination by relevant authorities.
Stephen Ma also operates an educational enterprise called Think Tank Learning, which has raked in significant profits. He has made notable purchases, including a $364,000 private jet and a $115,000 Mercedes-Benz, alongside residences in affluent Pleasanton. The business faced bankruptcy during the pandemic, but he has invested in political candidates, including Fiona Ma, who has benefited from generous contributions throughout her career.
Since early 2023, Stephen Ma has made six sizeable donations amounting to $13,200 to Fiona Ma’s lieutenant governor campaign, which raises questions—especially since her visit to the school coincided with these financial transactions. During this visit, she referred to opportunities for students, saying, “If they want to intern in California, please come to me.”
The school’s alumni page indicates that many former students have attended elite institutions like UCLA, though other state schools have faced suspensions. Stephen Ma’s support for Fiona Ma is longstanding, having contributed $7,600 to her campaign for the Board of Equalization in previous years and another $14,000 for her treasurer campaign in 2018.
The California Department of Education has ordered Pegasus to cease using references to state agencies. As of now, Fiona Ma’s campaign has not provided any comments regarding these allegations.
