WA developer pleads guilty to EB-5 fraud, faces 10 years in prison
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Seattle-area developer Lobsang Dargey pleaded guilty to fraud charges Wednesday in relation to a government visa program that rewards massive foreign investment with temporary residence and an expedited green card application process, according to the Herald Net. Dargey faces 10 years in prison and $24 million in fines.
Prosecutors alleged that Dargey accepted nearly $240 million in EB-5 funds from more than 200 foreign investors but diverted the money to other non-EB-5-qualified projects and, in some cases, spent the money on luxury items for himself, family and friends. He was charged with one count of wire fraud and one count of concealing information from immigration officials.
Dargey also allegedly misrepresented the status and use of foreign investments to the U.S. Citizenship and Immigration Services, and, as a result, many of those who participated — primarily Chinese investors — in the EB-5 program through Dargey’s developments now face deportation.