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EB5 Green card scam: Seattle construc...

Chalanachithram.com DB » New TF Industry Related » Archive through January 05, 2017 » EB5 Green card scam: Seattle construction boom « Previous Next »
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Telugu_times
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Posted on Thursday, January 05, 2017 - 07:36 am:       


Saarang:

Chesindhi Tibet athanu...loss mostly chinese investors ki.



ayyo paapam
Ignore spam and AJ.
 

Leader
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Posted on Wednesday, January 04, 2017 - 06:35 pm:       


Saarang:

Kids tho i dont know...Kontha mandhi desi couples untunnaru for sure. Atleast consider it before buying a house. Safety is good in seattle and schools are also good in good areas. Desi population will be like 5%...Snoqaulmie laanti areas loo 50% untundhi.




I won't suggest seattle downtown to stay with kids. Usually Desi with kids prefer to say in eastside. You won't get much social life with other desi families in seattle. Desi couples can manage here to avoid commute.
 

Saarang
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Posted on Wednesday, January 04, 2017 - 05:16 pm:       


Maverick:

Saarang:

do you suggest it?downtown apts set cheyyala?




Kids tho i dont know...Kontha mandhi desi couples untunnaru for sure. Atleast consider it before buying a house. Safety is good in seattle and schools are also good in good areas. Desi population will be like 5%...Snoqaulmie laanti areas loo 50% untundhi.
 

Maverick
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Posted on Wednesday, January 04, 2017 - 05:11 pm:       


Saarang:


aa rates maree ghoramga unnai..especially for someone coming from midwest..konchem gundelo kalluku mantundi..and after seeing that its a recent rise over 50%, bubble emo ani bhayam konalante
Happy Vizag
 

Maverick
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Posted on Wednesday, January 04, 2017 - 05:10 pm:       


Saarang:


do you suggest it?downtown apts set cheyyala?
Happy Vizag
 

Saarang
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Posted on Wednesday, January 04, 2017 - 05:05 pm:       


Maverick:

Saarang:

Have you though of living in Seattle?

you mean downtown? haavent thought..




yes or in some areas that are close to downtown within the city.
 

Maverick
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Posted on Wednesday, January 04, 2017 - 05:02 pm:       


Saarang:

Have you though of living in Seattle?


you mean downtown? haavent thought..
Happy Vizag
 

Saarang
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Posted on Wednesday, January 04, 2017 - 04:56 pm:       


Maverick:

Saarang:

Do you know which building in Amazon?

boren ave lo edo building exact ga teliyadu




South lake union area ante 1 hr+ padutundhi mostly and direct bus/light rail undadhu...I think mostly people use company van pools from snoqalmie. Have you though of living in Seattle?
 

Leader
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Posted on Wednesday, January 04, 2017 - 04:55 pm:       

Amazon also started shuttle (or Commute Services) from Eastside locations and snoqualmie.
 

Maverick
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Posted on Wednesday, January 04, 2017 - 04:50 pm:       


Saarang:

Do you know which building in Amazon?


boren ave lo edo building exact ga teliyadu

Mass:

coool midwest ki dandam pettestunnav aithe.


yep
Happy Vizag
 

Saarang
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Posted on Wednesday, January 04, 2017 - 04:48 pm:       


Maverick:

amzn ki enta pattachu from snoqualmie realistic ga




I think 45 mins to 1 hr....and plan as if it will increase as more people are moving to Snoqualmie. Mostly she will have to take a bus. Amazon lo parking shortage in most building and the waitlists are long. Do you know which building in Amazon?
 

Mass
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Posted on Wednesday, January 04, 2017 - 04:47 pm:       


Maverick:

not me wife.




coool midwest ki dandam pettestunnav aithe.
 

Maverick
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Posted on Wednesday, January 04, 2017 - 04:44 pm:       


Mass:


not me wife.

Saarang:



Saarang:


amzn ki enta pattachu from snoqualmie realistic ga
Happy Vizag
 

Saarang
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Posted on Wednesday, January 04, 2017 - 04:42 pm:       


Maverick:




welcome, Microsoft main campus ki ellali ante maatram really long commute (1hr+)...but Microsoft runs shuttles from Snoqualmie.
 

Maverick
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Posted on Wednesday, January 04, 2017 - 04:40 pm:       


Saarang:



Thank you
Happy Vizag
 

Mass
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Posted on Wednesday, January 04, 2017 - 04:40 pm:       


Maverick:




Amazon ni pattesava?
 

Saarang
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Posted on Wednesday, January 04, 2017 - 04:38 pm:       


Maverick:

snoqualmie area and schools meeda vopinion please..planning to buy mid 2017 or late 2017




Good area, schools are very good as well. Schools are good in almost any area on eastside. Commutes kaasta long, but many people use vanpool to travel to Seattle.
 

Saarang
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Posted on Wednesday, January 04, 2017 - 04:36 pm:       


Maverick:

heard that this price increase is due to short supply. ekkada new homes ee dorakatledu zillo lo..is new home construction going to increase?




yes, most of the shortage is due to too many constrains on land use...prime areas lo kooda konni chotla minimum 5 acres per lot laanti restrictions unnayi. Core city lo chaala highrise construction undhi in the pipeline (highest in the country)..also building height limits increase chestunnaru in the city from this year....i think the spillover will reduce the supply shortage in suburbs as well.

http://www.seattletimes.com/business/real-estate/seattle-sky line-is-tops-in-construction-cranes-more-than-any-other-us-c ity/
 

Maverick
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Posted on Wednesday, January 04, 2017 - 04:29 pm:       


Saarang:


snoqualmie area and schools meeda vopinion please..planning to buy mid 2017 or late 2017
Happy Vizag
 

Saarang
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Posted on Wednesday, January 04, 2017 - 04:29 pm:       


Asdf:

Saarang:

Seattle lo currently 2 Billion dollars worth construction going on with EB-5 money.

wow. 2mil per person?




500 k per person..normal ga ayithe its 1 Million per person...but they do gerry mandering (you can draw those lines how ever you want anta) of low income areas and high income areas to come qualify for 500 k limit. Finally, building will be high income area.
 

Maverick
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Posted on Wednesday, January 04, 2017 - 04:28 pm:       


Saarang:

Market is a little bit overheated and supply chaala vastaandhi in the next few years


heard that this price increase is due to short supply. ekkada new homes ee dorakatledu zillo lo..is new home construction going to increase?
Happy Vizag
 

Saarang
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Posted on Wednesday, January 04, 2017 - 04:26 pm:       


Maverick:

2017 lo seattle lo home buying cheyyacha? looking in snoqualmie..is it a buble?




Buy it if you are planning to stay there for atleast 5 years. Market is a little bit overheated and supply chaala vastaandhi in the next few years. But, I don't it will crash as income/employment is very good and most of the home buyers are prime...so they can hold on to the properties even if there is a slight dip. My prediction is the appreciation will reduce and have low growth from here on.

http://www.seattletimes.com/business/real-estate/seattles-re cord-apartment-boom-is-ready-to-explode/
 

Asdf
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Posted on Wednesday, January 04, 2017 - 04:23 pm:       


Saarang:

Seattle lo currently 2 Billion dollars worth construction going on with EB-5 money.




wow. 2mil per person?
 

Maverick
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Posted on Wednesday, January 04, 2017 - 04:19 pm:       


Saarang:


2017 lo seattle lo home buying cheyyacha? looking in snoqualmie..is it a buble?
Happy Vizag
 

Gotcha
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Posted on Wednesday, January 04, 2017 - 03:49 pm:       


Saarang:


evarini approach avali ee category lo visa ravali ante. desam lo chutalo to ila 3 crores pettinchi DFW suburbs lo katocha ilanti project?
...
 

Speaker
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Posted on Wednesday, January 04, 2017 - 03:48 pm:       

Baaaaga ayyindi sinki gaallaki
 

Saarang
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Posted on Wednesday, January 04, 2017 - 03:31 pm:       


Asdf:

https://www.sec.gov/news/pressrelease/2016-281.html

idi vere case aithe, vammo. chala money vundi ee game lo




Seattle lo currently 2 Billion dollars worth construction going on with EB-5 money.

http://www.seattletimes.com/business/real-estate/money-from- investor-visas-floods-us-doesnt-reach-poor-areas-meant-to-be nefit/
 

Asdf
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Posted on Wednesday, January 04, 2017 - 03:18 pm:       

https://www.sec.gov/news/pressrelease/2016-281.html

idi vere case aithe, vammo. chala money vundi ee game lo
 

Saarang
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Posted on Wednesday, January 04, 2017 - 03:15 pm:       


Ntr_rocks:

Simple ga 2 lines lo seppandi..

Mana desi lu vunnara ?




EB5 (investor category) green card program kindha...huge amounts collect chesi misuse chesaadu...almost created it like a ponzi scheme. Chesindhi Tibet athanu...loss mostly chinese investors ki.
 

Ntr_rocks
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Posted on Wednesday, January 04, 2017 - 10:27 am:       

Simple ga 2 lines lo seppandi..

Mana desi lu vunnara ?
 

Saarang
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Posted on Wednesday, January 04, 2017 - 10:25 am:       

Full story:

http://www.seattletimes.com/business/real-estate/ambitious-d evelopers-fast-climb-snagged-by-claims-of-deception/

Lobsang Dargey, once an impoverished Tibetan monastery student, shot from obscure immigrant to well-to-do real-estate developer in barely a decade.

This summer, having raised more than $125 million from Chinese investors through the EB-5 visa program, he began construction on a 40-story downtown Seattle tower and was finishing up a $60 million Everett project. This month he was scheduled as the main speaker on EB-5 investments at a big Florida real-estate conference.

The dapper 42-year-old drove a $212,000 Bentley and owned a $2.5 million Bellevue home that was being remodeled for him, his three children and his wife, Tami, the sister of tennis star Andre Agassi.

He hobnobbed with politicians, even paid for Lt. Gov. Brad Owen to travel to China and talk up Dargey’s company, Path America. And he was poised to expand his firm to Oregon and California projects.

Dargey has said he was born on the livestock floor of a primitive farmhouse in Tibet. His parents sent him to study at a Buddhist monastery, but he left with other monks and traveled, mostly by foot, to India. By 1997, in his early 20s, he was in the United States, where he got his first job painting an office in Federal Way and later worked in sales for Sprint.

He met Tami Agassi at a cancer fundraiser and married her in 2004. Dargey’s new in-laws helped him launch his career as a developer.

In 2006, the Dargeys and Agassis borrowed nearly $1.5 million from BECU and bought the Everett Public Market, a 96-year-old building near the downtown waterfront with a leaking roof and a sad antique mall on the second floor. Dargey converted it into modern offices for alternative-medicine practitioners.

“He found a diamond in the rough, cleaned it up and made a great community out of it,” said Mark Reichlin, Dargey’s business partner in his second Everett rehab project. “He’s very enthusiastic and knows how to get things moving.”

Next Dargey bought an old car dealership and over four years completed his first ground-up development, a six-story apartment building. He called it Potala Village Everett, named after Potala Palace, once the Dalai Lama’s home in Tibet.
 

Sony
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Posted on Wednesday, January 04, 2017 - 10:17 am:       

lol
 

Asdf
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Posted on Wednesday, January 04, 2017 - 10:04 am:       


Saarang:




ninnane sec site lo choosanu. maname koncham investigate sesi sec ki info iste entha istaaru manaku? :D
 

Saarang
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Posted on Wednesday, January 04, 2017 - 10:01 am:       

http://www.seattletimes.com/business/real-estate/seattle-dev eloper-charged-with-fraud-after-collecting-150m-from-asian-i nvestors/
 

Saarang
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Posted on Wednesday, January 04, 2017 - 10:00 am:       

Few months back oka architect ni kalisa...athani major projects anniti status EB-5 planning. He used to have few more. Deeni debbatho every builder is fully booked for 3 years...edanna building plan ante after 3 years antunnaru.

http://ihbarchitects.com/mid-rise--high-rise-projects.html

 

Mass
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Posted on Wednesday, January 04, 2017 - 09:57 am:       

seattle kapp sarang strikes back.
 

Patman
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Posted on Wednesday, January 04, 2017 - 09:57 am:       

Link please
Thuuuuu naa bathuku .. akariki bala ni gillithe ban ayaaa .. chaasssssssss
 

Saarang
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Posted on Wednesday, January 04, 2017 - 09:55 am:       

Dargey also built the Potala Farmer’s Market in Everett and had plans for developments in Shoreline, Othello and Kirkland, and he secretly transferred funds between the various projects, the U.S. Attorney’s Office says.

Dargey’s plan started simple and grew increasingly complex, with each lie paving the way to a new one, according to the charging documents.

Starting with the Everett project in 2012, he raised $43.6 million from 80 investors in Asia — each giving $500,000 plus a $45,000 “administrative fee” designed to cover commissions and other overhead costs.

The half-million-dollar portion was meant to go to construction, creating jobs and allowing each investor to receive permanent U.S. residency under the EB-5 program. He told investors in marketing materials that their money came with a “green card guarantee.”

The same pattern repeated with the Potala Tower project in Belltown — when he persuaded 202 investors to chip in $110 million starting in 2013.

But the feds say Dargey used large chunks of the money meant for construction for various “syndication” costs, including shifting money between his various planned developments and paying agents to secure more investments.

He then lied to his investors multiple times: He declined to tell them about the money shifting between projects — even though it would endanger their green card status — and didn’t tell them he was relying on large construction loans for the Everett and Belltown projects.

The two financial institutions duped — Voya Financial in the United States and Binjiang in China — first received false financial documents to secure construction loans. Then after the loans went through, their due diligence firms received altered status reports from Dargey’s company.

The case is the latest in a string of controversies surrounding the EB-5 program, which has been criticized for its potential for wrongdoing — and Dargey is not the first to be charged for defrauding investors. More than $2 billion in EB-5 funds have poured into Seattle projects in recent years. Congress faces a decision this spring on whether to renew the program.
 

Saarang
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Posted on Wednesday, January 04, 2017 - 09:54 am:       

Seattle lo every other developer is using the EB5 visa program to fund new development. Oka pedda fraud bayatapandindhi.

Seattle developer Dargey charged with fraud after collecting $150M from Asian investors. Developer Lobsang Dargey fooled lots of people.

First, it was hundreds of investors from Asia who funneled $150 million into his projects with the hope of receiving a green card under a federal program designed to give permanent U.S. residency to foreigners who create jobs. Then it was the federal government, which gave conditional green cards to the foreign investors, relying on Dargey’s assurances.

Next up, companies from America to China invested tens of millions of dollars in the projects after seeing bank statements showing Dargey personally helped bankroll the developments.

Dargey even persuaded Lt. Gov. Brad Owen to talk up his plans overseas, and got Mayor Ed Murray to celebrate Dargey’s new Belltown tower at a groundbreaking ceremony.

But it was a scheme built on lies, according to documents released Tuesday that charge Dargey with federal crimes.

The federal government charged Dargey, 43, with two counts of fraud and concealing information from the government. The former impoverished Tibetan monastery student, who initially appeared to have a remarkable rags-to-riches story, is set to plead guilty Wednesday morning in U.S. District Court in Seattle, according to a U.S. Attorney’s Office filing. The maximum penalty is 10 years in prison and he is not in custody.

The U.S. Attorney’s Office says much of the foreign investors’ money in the case actually went toward Dargey’s personal gain and to enrich himself and his associates, including $31,000 in jewelry and a $1.4 million home in Bellevue for a colleague from Asia. He drove a $212,000 Bentley and owned a $2.4 million home in Bellevue for his kids and wife, who is the sister of tennis star Andre Agassi.

The federal agency that approved the short-term visas for the Asian investors under the EB-5 program was relying on false information, the complaint says. That has jeopardized the permanent green card status of more than 200 foreign investors, who have since moved to the United States. And the financial institutions that approved $85 million in loans were actually viewing phony bank statements showing Dargey’s accounts had more than $8 million, when in reality the account had less than $450,000.}

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