California developer who claimed he was target of ‘witch hunt’ settles with SEC for $4.1 million

  • Posted on February 19, 2020 | Updated on February 21, 2020 | 5 min read

Developer Robert A. Ferrante was accused of misappropriating funds from EB-5 investors, mostly Chinese, using 19 different EB-5 investment offerings. The investors thought their capital was going into assisted-living facilities, restaurants, and a packaging facility. In an earlier motion to dismiss, Ferrante said he was the target of a “witch hunt.” Now he is agreeing to pay almost $3.8 million in disgorgement and a $369,000 fine.

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