On Monday, it was announced that an attorney residing in El Monte had pleaded guilty to federal fraud and money laundering charges in connection with a scheme that collected more than $50 million from foreign investors seeking Green Cards through the EB-5 visa program. Victoria Chan and her father operated a business, California Investment Immigration Fund LLC, out of San Gabriel.
Chan admitted to exploiting the EB-5 visa program, which is designed to provide lawful permanent residence to foreign nationals willing to invest at least $500,000 in a domestic business that creates ten new American jobs. Chan admitted that most of the money collected by her company from mostly Chinese investors was either stolen by those involved in the scheme or refunded to the foreign nationals.
In total, Chan admitted to submitting roughly 130 fraudulent EB-5 visa applications to federal immigration authorities. Many of the applications falsely stated that the foreign investments were being used to fund projects that would create new jobs. Chan also admitted that she used hundreds of thousands of dollars in EB-5 investor funds to buy homes in her name.
35-year-old Victoria Chan pleaded guilty to conspiracy to commit wire fraud, conspiracy to commit visa fraud, and international money laundering. United States District Judge Cormac J. Carney is scheduled to sentence Chan on July 9, 2018. Chan and others involved in the scheme have agreed to forfeit eight properties worth approximately $25 million to the government. A ninth property is expected to be forfeited in the coming weeks.
Additional details about the crime can be found here.