CEO Who Defrauded EB-5 Investors Hit With $4M Default

By Suzanne Monyak (July 12, 2018, 3:58 PM EDT) -- The chief executive officer of a Pasadena, California, company must fork over $4 million to a group of Chinese investors who sought EB-5 visas, after a federal court on Wednesday found that he intentionally defrauded the investors and caused them to lose $500,000 each and their chances of obtaining green cards.

U.S. District Judge Otis D. Wright granted the eight investors' motion for default judgment against Yin Nan "Michael" Wang, the manager and CEO of Velocity Regional Center LLC, finding him liable for securities fraud as well as intentional misrepresentation of fact for lying to the visa hopefuls about the nature...

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