On paper, Bing “Michael” Li and Zhouyao “Yumi” Chen were little more than a pair of struggling entrepreneurs.

Over five years, between 2018 and 2023, the couple declared a combined income of just over $150,000 at an average of about $15,000 each per year.

Bing “Michael” Li and Zhouyao “Yumi” Chen lived a life of luxury before being charged over their alleged roles in the Penthouse Syndicate. Credit: Monique Westermann

From 2016 to 2023, the 15 businesses and four companies they individually or jointly ran recorded losses in the hundreds of thousands. At times, Li supplemented what little income he did earn with Centrelink payments. For the Australian Taxation Office and the banks, people like Li and Chen were a dime a dozen.

But despite struggling financially and their businesses h

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