EB-5 Receiver's $3M Building Plans OK'd In SEC Row

By Jack Newsham (March 8, 2017, 7:21 PM EST) -- A Washington federal judge on Wednesday approved a $3 million plan to save a restaurant and retail development backed by Chinese investors seeking EB-5 visas whose future was unclear after the U.S. Securities and Exchange Commission sued the project's developer for fraud.

Michael A. Grassmueck, who was appointed to run nine entities linked to accused developer Lobsang Dargey, told the court in December that he could get a farmers market and cafe project in Everett, Washington, off the ground and benefit the investors if the court signed off on the financial terms.

The receiver shared more details with the court last...

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