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Former Regional Center director sues mega developer for $65 million

EB-5 News

Date

Dec 19th, 2019

Category

Legal Drama

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Jason Buback

Editor of Green Card By Investment

Green Card By Investment

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The former director and minority owner of the Extell Development is suing Extell’s founder, Gary Barnett, and its New York regional center for alleged fraud to the tune of $65 million in damages. The EB5 regional center has raised almost half a billion dollars since launch in 2010.

Lela Goren alleges Barnett and the regional center breached their fiduciary duty and committed fraud. Details are not public at this time but a separate filing by Goren against the regional center last October claims that Barnett prevented her from seeing the regional center’s financial statement and that Barnett moved some of its funds to other investments without interest. Read The Real Deal story

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