LOS ANGELES – Los Angeles-based immigration attorney Justin Moongyu Lee, 57, has been charged with defrauding dozens of foreign investors seeking permanent residency status in the United States through the EB-5 Immigrant Investor Program.
According to a nine-count indictment, Lee allegedly raised millions of dollars from 94 foreign investors, mainly in Korea and China, by promising them a ‘Green Card’ and small annual returns on their investments. However, instead of using the money for an ethanol production facility, Lee misappropriated it for his own use, leaving the foreign nationals with no opportunity to obtain permanent residency.
The indictment alleges that Lee used advertisements in foreign newspapers to solicit investors, promising them a ‘Green Card’ in exchange for $500,000 each, plus $40,000 in administrative and legal fees. The money was supposed to be invested in biofuel production facilities, but instead, Lee submitted bogus paperwork to U.S. Citizenship and Immigration Services, which administers the EB-5 program.
Lee is currently in custody in Korea on charges related to this alleged scheme. Each of the nine wire fraud charges in the indictment carries a statutory maximum penalty of 20 years in federal prison.
An indictment contains allegations that a defendant has committed a crime. Every defendant is presumed innocent until and unless proven guilty in court.
The Securities and Exchange Commission (SEC) has also filed a civil complaint against Lee, his wife Rebecca Taewon Lee, and Thomas Edward Kent, alleging that they raised nearly $11.5 million from two dozen investors seeking to participate in the EB-5 program. The SEC complaint alleges that the trio concealed their failure to generate the jobs required by the EB-5 program by submitting false documents to the USCIS.
The State Bar of California has taken disciplinary action against Lee due to an alleged ‘major misappropriation of client funds,’ and he is no longer allowed to practice law.
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Key Facts
- State: California
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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