Judge OKs Receivership Claims Process Tied To EB-5 Case
Law360, Los Angeles (August 31, 2016, 7:51 PM EDT) -- A Washington federal judge on Tuesday signed off on a proposed process for claims against receivership entities tied to a real estate developer accused in a $136 million EB-5 fraud case brought by the U.S. Securities and Exchange Commission.
Developer Lobsang Dargey faces allegations he misappropriated or diverted millions of dollars meant for a Seattle skyscraper project and a mixed-use development. The money was invested by foreign citizens who were looking to immigrate through the EB-5 investor program.
U.S. District Judge James L. Robart signed off on a proposed process that court-appointed receiver Michael A. Grassmueck said avoids confusion because of...
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