EB-5 Director Pleads Guilty To Misusing State Funds; Sentenced To Probation
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The Aberdeen man accused of misusing state funds in 2012 was sentenced Wednesday morning in a Brown County courtroom. Joop Bollen, the administrator of South Dakota’s EB-5 or investment-for-visa program, was given two years probation and fined $2,000.
It was in March of last year that Bollen was charged with five felony counts related to financial misconduct involving the EB-5 program.
Nearly a year after his arrest, as part of a plea agreement, Bollen pleaded guilty to one of those charges.
“Mr. Bollen came into court. He admitted wrongdoing. He accepted responsibility,” said South Dakota Attorney General Marty Jackley.
The South Dakota Attorney General says in February of 2012, Bollen unlawfully withdrew $300,000 from a security fund, which is required to have at least $1 million. Bollen returned the money days later, but was never given the authority to withdraw the money. Jackley says Bollen needed written permission from the state.