EB-5 Venture Founder Ordered To Pay $2.4M To His Company

By Rae Ann Varona (June 24, 2022, 6:23 PM EDT) — The Delaware Chancery Court on Friday ordered the founder of a “visas-for-investment” venture to pay nearly $2.4 million to his company, saying he breached his duties to act in the company’s best interest when he made improper money transfers.

Vice Chancellor J. Travis Laster said in his opinion Friday that Joseph Manheim, the founder and managing member of Delaware Valley Regional Center LLC, or DVRC, was liable to the company for a total of $2,365,809. That amount is based on findings that Manheim used DVRC funds to make excessive payments to friends, family, and another company he and his wife owned….

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Your email address will not be published.