Green Card by Investment

Category

Fraud

Date

Aug 2nd, 2022

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New York pair defrauded EB-5 investors, promised access to politicians, and used investor money to make illegal political donations

Sherry Xue Li and Lianbo Wang have been charged with investment fraud that lasted almost a decade and collected $16.5 million from EB-5 investors for a fake New York school project. The investors were promised access to politicians; as an example, 12 investors paid an additional $93,000 each to attend a Trump fundraiser. Investor money was used to make $600,000 in illegal political contributions; $2 million of investor capital was misappropriated and an additional $2.5 million was used for personal expenses. Li and Wang paid to have fake architectural plans and have minor work done on the project site to give investors the illusion that the project was real.

Read The Washington Post story

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