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New York developer accused of using investor money to buy 3 mansions

The Securities and Exchange Commission (SEC) is accusing Queens developer Richard Xia of defrauding EB-5 investors and using their investment capital to buy three New York estates for himself. The money was supposed to fund two Queens real estate projects; as of now, one project — a luxury hotel, convention center, performing arts center, and retail space — has not been developed. The SEC says “the prospects for investors to receive their capital contributions back are remote at best."

See the New York Post story.

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