Seattle-area developer Dargey charged with fraud after collecting $150M from Asian investors
Developer Lobsang Dargey fooled lots of people.
First, it was hundreds of investors from Asia who funneled $150 million into his projects with the hope of receiving a green card under a U.S. program designed to give permanent residency to foreigners who create jobs. Then it was the federal government, which gave conditional green cards to the foreign investors, relying on Dargey’s assurances.
Next up, companies from America to China invested tens of millions of dollars in the projects after seeing bank statements showing Dargey personally helped bankroll the developments.
Dargey even persuaded Lt. Gov. Brad Owen to talk up his plans overseas, and got Seattle Mayor Ed Murray to celebrate Dargey’s new Belltown tower at a groundbreaking ceremony.
Read more: http://www.seattletimes.com/business/real-estate/seattle-developer-charged-with-fraud-after-collecting-150m-from-asian-investors/
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