IT'S ABOUT TIME!: Thanks to the Securities & Exchange Commission for taking action against Lily Zhong, the one-time would-be developer of Port St. Lucie's City Center.
The SEC has frozen Zhong's U.S. assets, accusing her of bilking Chinese investors out of $8.5 million. Zhong jetted around the globe in search of investors for her EB-5 Immigration Investor Program, leaving behind a trail of failed projects, bankruptcy and a string of receipts for lavish gifts she bought for herself and potential investors, according to the SEC.
Zhong bought the 22 parcels that make up the City Center site two years ago in a bank foreclosure sale for $500,000. She has failed to pay an estimated $18 million in property taxes in connection with that deal.
It's about time Zhong was held responsible for her unethical behavior.
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