SEC Hits Fla. Developer With $8.5M EB-5 Fraud Suit
By Allissa Wickham (November 4, 2015, 9:28 PM EST) -- The U.S. Securities and Exchange Commission on Tuesday accused a purported Florida real estate developer and her company of fraudulently raising about $8.5 million after claiming the investments would qualify under the EB-5 visa program, with some of the funds being used for luxury cars, a boat and a $2.5 million home.
In its latest suit over alleged EB-5 visa malfeasance, the SEC accused Lily Zhong and her company EB5 Asset Manager LLC of fraudulently raising $8.5 million from at least 17 investors. Most of the investments were solicited from Chinese citizens, with Zhong claiming they would qualify under the EB-5...
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