Joop Bollen's defense attorney is looking to have criminal charges dismissed and says transactions identified by the state as improper were not made from an EB-5 indemnification account.
Bollen, 53, of Aberdeen is set to appear in court Thursday for a motions hearing with his attorney Reed Rasmussen. Bollen faces five felony charges of unauthorized disposal of personal property subject to security interest. The case is being prosecuted by the South Dakota attorney general's office. Bollen was the operator of SDRC, Inc., a regional center that administered the federal EB-5 program for South Dakota.
With EB-5, foreign investors and their families are allowed green cards in exchange for qualified contributions to economic development projects.
Bollen is accused of withdrawing money from one of two indemnification funds, a bank account with $1 million set aside for the purpose of holding the state of South Dakota harmless.