Licensed to Practice in CA. Practice Focus on Federal Immigration Law. This Blog is Legal Advertisement.
Wednesday, August 26, 2015
SEC Announces Asset Freeze Against Alleged EB-5 Fraudster in Seattle Area
FOR IMMEDIATE RELEASE 2015-173
Washington D.C., Aug. 25, 2015 —
The Securities and Exchange Commission today announced an asset freeze obtained against a man in Bellevue, Wash., accused of defrauding Chinese investors seeking U.S. residency through the EB-5 Immigrant Investor Pilot Program by investing in his companies.
The SEC alleges that Lobsang Dargey and his “Path America” companies have raised at least $125 million for two real estate projects: a skyscraper in downtown Seattle and a mixed-use commercial and residential development containing a farmers’ market in Everett, Wash. But Dargey diverted $14 million for unrelated real estate projects and $3 million for personal use including the purchase of his $2.5 million home and cash withdrawals at casinos.