EB-5 Fraudster Bilked Foreign Investors Of $14.5M, SEC Says

Law360, New York (March 15, 2017, 7:49 PM EDT) -- The U.S. Securities and Exchange Commission on Wednesday accused a Washington, D.C.-based development company and its president of using the EB-5 immigrant investor program to scam foreign investors out of $14.5 million.

Aero Space Port International Group Inc. and its president, Andy Shin Fong Chen, promised U.S.-resident hopefuls that their investments would go toward a development project linked to the EB-5 program, despite using the funds for luxury car payments, personal stock trading and operations for other companies, the SEC alleged.

“Defendants’ representations that they...would use…investors’...
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Case Information

Case Title

Securities and Exchange Commission


Case Number

2:17-cv-00405

Court

Washington Western

Nature of Suit

850(Securities/Commodities)

Date Filed

March 15, 2017

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UK Financial Services

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