Let's talk

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

EB-5 News


May 20th, 2022





Jason Buback

Editor of Green Card By Investment

Green Card By Investment


You have to be registered to leave a comment

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.

Sign up for our EB-5 Weekly newsletter