The EB-5 scandal is blowing up again in South Dakota. And this time the allegations are bigger and stranger.
The federal government agency that oversees the program has revealed it conducted a detailed investigation.
Among the probe’s findings:
• Three payments totaling $1.7 million inexplicably went to a holding company in Cyprus that owns Russian railway companies;
• More than $5.1 million was used to purchase a Hong Kong-based lender;
• That lender had previously provided $2.85 million as bridge financing at 29 percent interest for Northern Beef Packers in Aberdeen. The loan cost nearly $7.5 million before the purchase of the lender;
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