Sentencing for Lobsang Dargey, the local developer who in January pleaded guilty to two felony charges related to raising money from Chinese investors, has been postponed until June. The hearing was originally scheduled for this week.
Dargey, who has built projects in Everett and began developing the Potala Tower in Belltown, was accused of defrauding hundreds of Chinese investors who committed more than $150 million to his projects in hopes of getting green cards under the federal EB-5 program. He’s since agreed to pay up to $24.2 million in restitution.
Federal sentencing guidelines call for Dargey to serve 10 to 14 years in prison after pleading guilty to conspiracy to commit wire fraud and concealing information from the federal government. But as part of a deal with prosecutors, he will face no more than 10 years in prison.
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