A small-town hotel project in New York State that has been that has been dormant for years has recently begun construction. But the developer, Tom Shen, is facing a lawsuit alleging the development is all just a scheme to defraud EB-5 investors.
A Chinese investor claims he gave the developer $520,000 to build a 100-room hotel in Horseheads — but the hotel was never going to be built, and it was just an “illusion” to spin to investors in pursuit of an EB5 Green Card.
A local news team has found online documents that promote the project as a Best Western Plus and ask for $500,000 as a minimum investment. The marketing also features pictures of the hotel under construction as supposed proof of its legitimacy. But the lawsuit claims that the developer never received approval from Best Western. And the hotel franchise says their ties to the project were severed months ago.
In addition to this lawsuit, the developer is currently accused of writing a bad cheque for $367,000 to a contractor. Shen has a history of similar trouble as he was arrested in July of 2018 on charges of grand larceny and writing a bad check .
See the WENY News article
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