Developers Hit With $450K In Penalties From Visa Fraud Case

By Clark Mindock (October 18, 2021, 5:00 PM EDT) -- A development company that raised money through the EB-5 visa program and the company head were ordered to pay $450,000 in penalties after the U.S. Securities and Exchange Commission alleged the cash was funneled to inappropriate uses.

U.S. District Judge James L. Robart granted the SEC's request for the penalties, four years after the Commission claimed that around $6.5 million raised by Aero Space Port International Group Inc. through investors had been used inappropriately in ways like making payments on executive Andy Shin Fong Chen's car, subsidizing employee salaries and paying off corporate credit card bills.

The penalties include $75,000 that...

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