Exec Used EB-5 Cash For BMW, Loans, Wash. Court Holds
Law360 (February 15, 2019, 6:59 PM EST) -- The head of a development company was “‘consciously’ reckless” when he diverted money raised from investors through the EB-5 visa program so he could make payments on his BMW and issue loans to relatives, misappropriating at least $6.5 million, a Washington federal judge held on Friday.
Andy Shin Fong Chen and Aero Space Port International Group Inc. violated the Securities Act by making misleading omissions and material misrepresentations to investors who sought to obtain green cards by investing $500,000 in the project, U.S. District Judge James L. Robart determined on Friday.
Of the $14.5 million raised from investors by Chen and...
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