Call her Money Steel.
A Detroit entrepreneur once recognized by President Joe Biden allegedly impersonated a U.S. ambassador and banker, defrauding victims of more than $1 million to support an extravagant lifestyle.
Federal prosecutors say Shannon Monet Steel portrayed herself as the ambassador to the first lady of the Central African Republic, a hotel operator and the owner of a bank holding $350 million in assets. The claims were part of a years-long fraud scheme, The Detroit News reported Wednesday.
Steel, 42, was arrested and charged with fraud after allegedly targeting at least eight people between 2022 and 2026, according to court records obtained by the newspaper.
Online, the Detroit businesswoman cultivated the image of a wealthy and influential power broker. Her social media presence highlighted awards, meetings with prominent politicians and international travel.
Prosecutors allege Steel’s first identified victim was a California investor. She reportedly produced a forged Deutsche Bank confirmation letter and claimed that her company, Steel Private Bank, held more than 300 million euros.
According to charging documents, the purported bank record persuaded the investor to transfer $200,000 into an escrow account in return for a standby letter of credit.
Bank representatives later concluded that the confirmation letter was fraudulent.
Investigators also found that Steel Private Bank was registered in the United States and did not carry FDIC insurance.
Officials contend Steel used her various self-branded entities to collect at least $1.05 million from eight additional victims. She allegedly promised them multimillion-dollar loans through Steel Private Bank, then kept the escrow payments described as “good faith” deposits, according to an emergency ex parte motion filed Sept. 10 in the U.S. District Court for the Eastern District of Michigan.
The money allegedly financed a collection of luxury vehicles, including a 2022 Maserati Levante and a 2013 Bentley coupe valued at more than $215,000, the outlet reported.
She also reportedly used the funds to pay down credit card balances and spent $56,000 leasing a residence in Northville Township, Michigan.
Steel frequently showcased her lifestyle online, referring to herself as Ambassador Steel, promoting merchandise linked to her purported bank and publicizing achievements tied to work that she claimed had earned national recognition.
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“As the newly appointed Ambassador for the First Lady of C.A.R. NGO on a mission to eradicate poverty, I am committed to developing economic stability in the Central African Republic by providing the necessary essentials to its citizens,” Steel wrote on the website for her Shannon Steel Foundation.
“My top priority is to represent the country’s history, ideals, and interests. To do so, I am aware of the expectations and will strive to meet them to the best of my ability.”
Authorities reportedly began investigating the alleged diplomatic deception after a reporter contacted the State Department to confirm Steel’s ambassadorial credentials.
In 2024, Steel received a Lifetime Presidential Achievement Award presented in the names of President Joe Biden and Vice President Kamala Harris.
She posted an image of the honor identifying her as the CEO of Steel Private Bank, an ambassador and a hedge fund owner.
The certificate was described as being “certified by President Biden” through the President’s Volunteer Service Awards program and included images of Steel, Biden and Harris.
However, the person who presented the award told investigators that Steel had provided no records showing she completed the required 4,000 hours of lifetime volunteer service.
AmeriCorps, the operator of the awards, told investigators Steel being awarded the achievement was inconsistent with program guidelines and she shouldn’t have been given the award based on the information known at the time.
The fraudster boosted her resume when she claimed she acquired and later renovated an Embassy Suites by Hilton hotel for $3,000,000, flipping it to a Wyndham in Southfield, Mich.
Officials discovered the hotel was never granted a certificate of occupancy and never given the authorization to open.
Ramada Worldwide, Inc. won a default judgment against Steel and other defendants for breach of franchise agreement and was awarded $1,558,444.79, according to the court records.
Steel was framed as a con artist with a history of bankruptcies who has used stolen funds to pay off victims who became suspicious of her antics.
“These allegations are only a relevant summary of what Steel is known to be doing to hide and spend criminal proceeds,” Assistant US Attorney K. Craig Welkener wrote. “Her actual efforts are almost certainly more substantial.”
