Possible Settlement Reached In $136M EB-5 Fraud Suit
Law360, New York (January 11, 2017, 10:23 PM EST) -- The U.S. Securities and Exchange Commission has received a settlement offer from real estate developer Lobsang Dargey in a $136 million EB-5 fraud case playing out in Washington federal court, signaling a possible resolution to the high-profile case.
In a joint status report, attorneys for the SEC and Dargey said the agency had received from Dargey and the relief defendant, a company called Path Othello LLC, an “offer to resolve this matter against them,” which they said the SEC’s attorney will suggest the agency take.
“The process for obtaining the commission’s consideration of such settlements is expected to take approximately six...
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