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. The list of investors involved included fugitives on China’s 100 most wanted list, some of whom were allegedly complicit in the scheme. At least three of the investors successfully obtained green cards.
The scandal is just the latest case of fraud related to the EB-5 program, which provides green cards to foreign investors who plow $500,000 or more into U.S. projects, including real estate, thereby creating at least 10 U.S. jobs.
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