Yet Another EB-5 Scandal in California
By David North
CIS Blog, September 28, 2017
https://cis.org/North/Yet-Another-EB5-Scandal-California
Excerpt: The Chens and a cluster of companies they controlled, including a DHS-licensed regional center, Home Paradise Regional Center LLC, diverted many millions of dollars away from EB-5 investments for their own personal use.
In one of the investments, $9.5 million was supposedly to be used for the development of an interior design center in Ontario, Calif. Of this, $8.9 million was channeled to other purposes. It is rare that this high a proportion of the EB-5 funds is stolen and a black mark on the DHS regulators that this much was gone before corrective action was taken.
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