Developer Barred From EB-5 Program After SEC Alleged Fraud

By Rae Ann Varona (August 17, 2022, 3:59 PM EDT) — A developer accused of defrauding foreign investors out of $14.5 million has been permanently banned from participating in the EB-5 program, but a Washington federal judge won’t make the developer pay prejudgment interest as requested by the U.S. Securities and Exchange Commission.

U.S. District Judge James L. Robart on Wednesday ordered development company Aero Space Port International Group Inc. and its president, Andy Shin Fong Chen, to each pay their share of $450,000 in civil penalties and permanently banned them from participating in the EB-5 visa program. The SEC had said they fraudulently used the program to raise $14.5 million from foreign…

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!



Leave a Reply

Your email address will not be published.