Lobsang Dargey—EB-5 Program Fraud
Lobsand Dargey Allegedly Siphoned off $17.6 Million for His Own Personal Use after Raising $125 Million From Potential Immigrant Investors in the EB-5 Visa Program
Lobsang Dargey, 41, and his Path Securities America, allegedly raised at least $125 million from potential immigrant investors in the EB-5 federal visa program, but in actuality siphoned off $17.6 million for his own use, according to SEC Documents
Dargey, a former Tibetan Buddhist monk, allegedly obtained the money from 252 Chinese nationals who had hoped to get permanent U.S. residency visas under the EB-5 program by investing in two of his Seattle area real-estate projects, Tower Project and the Farmer’s Market Project, according to the SEC.
The EB-5 visa program allows wealthy foreigners to invest at least $500,000 in a commercial enterprise that creates at least 10 full-time jobs, in exchange for a permanent-residency visa, also known as a green card.
Dargey’s Projects Allegedly Wired $500,000 to an Escrow Account in California and a $45,000 “Administrative Fee” to a Hong Kong Account
The aforementioned Chinese investors in Dargey’s projects allegedly each wired $500,000 to an escrow account in California and a $45,000 “administrative fee” to an account in Hong Kong, according to the SEC.
After the immigrants filed their visa petition with the U.S. government, the escrow agent released $400,000 of each investor’s money to Dargey’s EB-5 projects, with the rest held until the government approved the investor’s application for an EB-5 visa.
Investors, however, can have their petition denied by the federal government, and, the SEC alleges, if money was diverted to other projects by Dargey, their applications could be in jeopardy. By not informing the investors that the money was going elsewhere, the SEC alleges, Path America’s securities offerings to investors contained “materially false and misleading statements.”
The Peiffer Wolf Carr & Kane Securities Lawyers Are Helping Investors
The Peiffer Wolf Carr & Kane securities lawyers are assisting investors who lose money as a result of EB-5 Visa fraud. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of the misappropriation of EB-5 Visa funds are encouraged to contact the securities lawyers at Peiffer Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.