Developer Faces Another EB-5 Fraud Suit Over Fla. Project

Law360 (January 27, 2020, 7:59 PM EST) -- Two Chinese nationals who invested money in a Florida real estate project filed a proposed class action Monday in federal court accusing the developer of running a nearly $100 million EB-5 visa scheme that bilked funds from immigrant investors.

Ting Peng and Lin Fu, two Chinese nationals who live in the U.S. and invested in a mixed-use commercial complex in Jupiter, Florida, known as the Harbourside Project, said developer Nicholas Mastroianni and his business partner Richard Yellen solicited investors to fund a construction loan that they had no intention of repaying.

"When the loan matured over two years ago, defendants used...

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