Chinese Investors vs Golden California Regional Center

Filing Date:May 22, 2019

Case:Chinese citizens Vs. Golden California Regional Center

Jurisdiction:California State Court

Status:Pending

Civil / Criminal:Civil

Breach of Contract

Breach of fiduciary duty

Declaratory Judgment

Fraud

Misrepresentation

Dozens of Chinese citizens who handed over more than a half-million dollars each to a Santa Clara County businesswoman as investments that would qualify them for green cards under a controversial federal visa program have filed suit accusing the woman of fraud.

Ninety Chinese investors gave $555,000 each to the “Golden California Regional Center,” according to court documents, which included a $55,000 fee to the center. The lawsuit filed by 24 members of the group alleges that Golden California was run by a Santa Clara County businesswoman named Bethany Liou. Liou did not respond to a message left for her at Golden California’s office.

The suit, filed in Santa Clara County Superior Court last month and just made publicly available, claimed Liou and Golden California misappropriated the investors’ money “to unjustly enrich themselves.” It alleges Liou and the center refused to return the investors’ money or answer questions about what became of it after they provided it for the “Cupertino Fund,” a limited partnership with a downtown Palo Alto address, the suit said.

The 24 plaintiffs claimed Liou and Golden California entered into a deal with a real estate developer in 2016, in which the $45 million generated by the full group’s investments were to go from the Cupertino Fund into a real estate development that would qualify them for green cards. But, they alleged, Liou and Golden California told them in December 2018 that the development would not go ahead, and their eligibility for green cards was “destroyed,” the suit claimed.

The investors claim Liou told them their money could be put into another investment vehicle, but when they demanded information about their funds, she sent them a screen shot of a bank statement showing their money in an account owned solely by Liou, the suit alleged. “This caused Plaintiffs to become more concerned,” the suit said and they demanded their money back.