Seattle-area developer Lobsang Dargey pleads guilty to fraud
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Lobsang Dargey, a former Tibetan monk turned Seattle real estate developer, pled guilty last week to two felony charges. He will spend up to 10 years in prison for defrauding investors, and will pay up to $24.2 million in restitution, reports The Seattle Times.
Dargey, who has worked on developments in Everett and Seattle, collected over $150 million from investors in Asia to expand outside those cities. He used the federal EB-5 program as an incentive for investors in China who were eager to receive a green card. The EB-5 program grants permanent US residency to foreigners who make significant job-creating investments in the US.
Unfortunately, instead of following through on those projects, Dargey used much of the money he collected for personal gain. He purchased a $2.4-million home in Bellevue and drove a $212,000 Bentley. Some of the investment money also went to large jewelry and dinner bills.