“Your only opportunity to get rich in America”: Inside LA’s deceptively simple $50M EB-5 scam
It’s a paint-by-numbers approach to defrauding real estate investors.
Federal agencies raided the homes and office of a California attorney and her father Wednesday, amid an investigation into whether the two perpetrated a multi-million-dollar fraud scheme. Victoria and Tat Chan allegedly took money from roughly 100 Chinese investors through the EB-5 visa program — but never actually invested it on their behalf.
Instead, the Chans allegedly used the funds to buy luxury homes for themselves throughout Southern California.
Mentions
- California Investment Immigration Fund (CIIF)
- USAdvisors
- U.S. Citizenship and Immigration Services
- UNITED STATES SECURITIES AND EXCHANGE COMMISSION
- The Real Deal
- Waldorf Astoria Beverly Hills
- Related Companies
- Hudson Yards Manhattan Tower A-1 - A-8
- Michael Gibson
- Sal Picataggio
Litigation Cases
States
- California
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