Developer Barred From EB-5 Program After SEC Alleged Fraud

By Rae Ann Varona (August 17, 2022, 3:59 PM EDT) — A developer accused of defrauding foreign investors out of $14.5 million has been permanently banned from participating in the EB-5 program, but a Washington federal judge won’t make the developer pay prejudgment interest as requested by the U.S. Securities and Exchange Commission.

U.S. District Judge James L. Robart on Wednesday ordered development company Aero Space Port International Group Inc. and its president, Andy Shin Fong Chen, to each pay their share of $450,000 in civil penalties and permanently banned them from participating in the EB-5 visa program. The SEC had said they fraudulently used the program to raise $14.5 million from foreign…