UNITED STATES SECURITIES AND EXCHANGE COMMISSION vs Andy Chen & Aero Space Port International Group (ASPI Group) Regional Center
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Filing Date:March 15, 2017
Case:SEC v. ANDY SHIN FONG CHEN AND AERO SPACE PORT INTERNATIONAL GROUP, INC
Jurisdiction:Federal District Court for the Western District of Washington
Status:Pending
Civil / Criminal:Civil
Fraud
Misrepresentation
Defendants Andy Shin Fong Chen (“Chen”) and Aero Space Port International Group, Inc. (“ASPI”) (collectively, “Defendants”) fraudulently raised over $14.5 million from investors in exchange for securities comprising membership interests in Washington Economic Development Capital III, LLC (“EDC III”). Defendants falsely represented that investor funds would be used to finance the development of a piece of property in Grant County, Washington known as the ASPI Commerce Park. Defendants also represented to the investors, who were all foreign nationals, that their investment would enable them to participate in the Employment-Based Immigration Fifth Preference Program (“EB-5”) which provides a means for foreign nationals to obtain U.S. residency if they invest at least $500,000 in a domestic project, or “Commercial Enterprise,” that will create or preserve a minimum number of jobs for U.S. workers.
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