Chinese investors who contributed to a stalled Short Vine development project in Corryville as part of a federal program to gain residency are suing the developers, claiming their money was mishandled.
A group of 10 Chinese nationals is suing the Midwest EB5 Regional Center, its former principals and the landowner and developer of the project in the 2600 block of Short Vine. The lawsuit claims the defendants misspent $5 million of the investors' money. The suit was filed in the U.S. District Court Southern District of Ohio.
Neither attorneys for the investors filing the suit nor the defendants could be reached for comment.
The investments were made as part of the federal government's EB5 program, administered by U.S. Citizenship and Immigration Services, which gives foreigners and their families a fast-track to permanent residency if they invest at least $500,000 in a venture that creates 10 or more jobs.
The suit claims the fund the plaintiffs invested in and the developers misused the money, spent it on projects it wasn't intended for and used investors' cash to make themselves rich. On top of that, it claims that the investors were either denied their applications for conditional residency in the U.S., or had approved applications later revoked.
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