Their money was meant to help create jobs — instead it appears to have gone towards buying one man three mansions.
So claims the Securities and Exchange Commission in a case filed against Queens developer Richard Xia.
According to documents the government agency filed in federal court in the Eastern District of New York earlier this month, Xia allegedly defrauded a group of investors by using their money not for the development of two Queens real estate projects, but the purchase of three Long Island manors, Crain’s reported.
Xia used assets from his investors — who were part of the federal EB-5 visa program, which provides investors in job-creating US real estate projects with green cards — as collateral to get over $30 million in loans, which went significantly towards the acquisition of two estates in Great Neck and one in Sands Point. Meanwhile, one of the Queens projects the investors believed they were funding — a 498-room luxury hotel, convention center, retail space and performing arts center called Eastern Emerald — remains undeveloped.
The tony Long Island properties, on the other hand, are very much constructed and Xia, along with his wife, is currently living in one: a 13,000-square-foot Kings Point Road home boasting seven bedrooms, seven fireplaces and 13 bathrooms spread across 3 acres with views of the Manhattan skyline and Long Island Sound.
In a deposition defending his purchase of the property (which is
under his wife’s name), Xia claimed it was a business transaction
because he uses it as an office, Crain’s reported.
16 comments:
Boss Tweed would be proud !
Not surprised
ron s said...
Only openly partisan elections will fix corruption like this in NYC.
We need A NY governor like DeSantis who isn't afraid to take action .
The free market economy isn’t about creating jobs. It’s about making the rich richer.
We’re not communists here.
"who were part of the federal EB-5 visa program, which provides investors in job-creating US real estate projects with green cards"
This is among the biggest scams in all of government. Basically, America is for sale, and it only costs you between $500K and $1M, chump change for extra-national con artists. So dudes like Richard Xia -- a corrupt Chinaman, how shocking! -- can start up projects in NYC, using nearly all imported Chinese labor, and he gets a green card to boot.
So on the southern end the border is now totally wide open, and every day con men like Richard Xia fly in to the country and get green cards for chump-change investments. Hell, it's worth it just to have their Little Princelings born here (and they are all born here) thanks to America being one of the only nations on earth stupid enough to have birth-right citizenship (not even codified into law, just more Judicial okey-doke).
It's over, folks. It's over. Musk buying Twitter is just going to make the collapse more fun.
The city boom bust cycle is deliberately exacerbated to benefit developers who buy at the bottom, rebuild with cheap labor, then sell at the top of the market. Young people move in early in the economic boom when rent is still cheap, then when the market crashes, they move back home, and labor takes control to overturn givebacks by taking money from infrastructure and policing, crashing property again so a new set of young folk move in and perpetuate the cycle. This has been going on forever, will never end. Most folks aren't in the city to stay, just passing through, don't care, hence low turnout. It used to be new homeowners got political when they needed to vote in school boards for their kids. Without school boards, these people would never have voted. Well, now they don't vote, or vote much later.
This is all Joe Biden's fault.
Didn't one of those greedy dishonest traitorous developer types used to be the President? Let's hope he goes to jail along with this Xia character.
Smart man. Very smart man.
New York ENDS TRUMP PROBE WITHOUT CRIMINAL CHARGES AFTER GRAND JURY EXPIRES as Democrats Lose Again.
Biden owes $627K in taxes, claims IRS whistleblower complaint.
https://www.youtube.com/watch?v=b5xcec-FGpc&ab_channel=FoxBusiness
The build is almost finished, actually. They just had a lot of violations.
Lots of communists here complaining about someone wanting to make a few extra $$$ for himself.
Prove me wrong ...
The construction site is a dangerous disaster zone and had stop work orders last year. OSHA would have a ball there, and not only is the developer crooked but so is the builder, who has other convictions, including the death of a woman at a New Hyde Park building site years ago. The whole partnership is riddled with scammers and those who do not care how they harm others.
TESTING 1.2.3.
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