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Developer who misappropriated investors funds permanently barred from EB-5

Aero Space Port International Group Inc. and its president, Andy Shin Fong Chen, have been permanently banned from the EB-5 program after Chen used at least $6.5 million of raised EB-5 investor capital on personal expenses, including car payments, and to pay bills for family members. Chen’s lawyer claims that while they accept the ruling, no investor will lose their capital.

Law360 article (subscription required)

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