Receiver In $136M EB-5 Fraud Suit Blasts Developer's 'Sniping'

By Fola Akinnibi (March 18, 2016, 8:26 PM EDT) -- The receiver in a $136 million EB-5 fraud case brought by the U.S. Securities and Exchange Commission asked a Washington, D.C., federal judge not to speed up the development of a mixed-use project Thursday, slamming a real estate developer's "sniping and rhetoric" and arguing that the developer underestimates the time and work required to finish it.

Receiver Michael A. Grassmueck said the that timetable he suggested and the proposed expansion of a construction and development consultant's responsibilities are necessary for the completion of the Everett Farmers Market mixed-use project in Washington, the Thursday reply said. Developer Lobsang Dargey, who was accused...

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