Chinese investors sue Nick Mastroianni over alleged $99.5M EB-5 fraud
A group of nearly 80 Chinese investors have filed suit against Nicholas Mastroianni II, alleging he defrauded them of their EB-5 investments.
Mastroianni founded the U.S. Immigration Fund for EB-5 investment. He’s known to have raised EB-5 funds for a number of major developers, and USIF remains one of the biggest EB-5 service providers.
According to a lawsuit filed in Palm Beach County Circuit Court last week, Mastroianni raised $99.5 million from 199 EB-5 investors for the Harbourside Place development in Jupiter. The deal was he would raise $100 million.
The complaint, filed through Miami-based Levine Kellogg Lehman Schneider + Grossman, alleges Mastroianni intentionally structured the EB-5 investments so that he was one investor short for the $100 million, first-priority, secured construction loan. The alleged purpose of that was so that Mastroianni could eventually control the new senior lender.
Mentions
Litigation Cases
- Chinese Investors - limited partners of Harbourside Funding, LP, vs U.S. Immigration Fund, LLC & Florida Regional Center & Nicholas Mastroianni II
- Chinese investors vs U.S. Immigration Fund - NY & Nicholas Mastroianni III
States
- Florida
Securities Disclaimer
This website is for informational purposes only and does not constitute an offer or solicitation to sell shares or securities. Any such offer or solicitation will be made only by means of an investment's confidential Offering Memorandum and in accordance with the terms of all applicable securities and other laws. This website does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities, nor should it or any part of it form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. EB5Projects.com LLC and its affiliates expressly disclaim any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained in the website, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting therefrom.
