SEC v. Richard Xia

Richard Xia and Fleet New York Metropolitan Regional Center, LLC allegedly perpetrated an offering fraud of more than $229 million related to the EB-5 Immigrant Investor Program. Xia and Fleet allegedly made material misrepresentations regarding the existence and sources of financing for the projects, the level of experience of the teams developing and constructing the projects, and the numerous conflicts of interests between Xia, Fleet, and Xia-owned and controlled entities. Xia allegedly misappropriated approximately $17 million from investors in Eastern Mirage and at least $11.8 million from investors in Eastern Emerald, according to the SEC.

Summary generated from official Securities and Exchange Commission press release