SEATTLE — The Securities and Exchange Commission filed a complaint and sought a restraining order Monday against the head of an investment firm, saying he bilked more than 250 Chinese investors out of millions of dollars on two real estate projects — a skyscraper in downtown Seattle and a development in Everett.
The agency filed a complaint and restraining order Monday, alleging Lobsang Dargey exploited a federal visa program to defraud investors by claiming their involvement in his projects will help secure their residency in the U.S.
The EB-5 Program lets foreign nationals qualify for residency if they invest $500,000 or more in projects that create jobs for U.S. workers.
The agency says Dargey, the CEO of Path America, used that and a promise of returns to raise more than $125 million. Officials say he funneled funds through the Potala Tower Seattle and a farmer’s market in Everett and spent the money on unrelated projects.
Dargey didn’t immediately respond to requests for comment.
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