Investors allege Syracuse developer of payment default, shielding assets to avoid repayment

  • Written by GCBI Team Posted on September 25, 2020 | Updated on September 25, 2020 | 1 min read

EB-5 investors loaned $4 million in capital to a New York State hotel project that was finished in 2016. The loan was due last September but the developer failed to repay and asked for an extension. The investors claim the developer has purposely avoided repayment by moving assets to another company. The developer principals were convicted in 2018 of bid-rigging and bribery of New York State officials, in a different case.

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