New York City Regional Center sued by its Chinese EB-5 Investors

According to report, more than 50 chinese EB-5 investors sued a famous regional center in may of 2017 for fraud and breach of fiduciary duties.  below is a brief description of the lawsuit.

Case:Chen Dongwu et al. v. New York City Regional Center

Jurisdiction:New York State Court

Status:Pending

Civil / Criminal:Civil

Cause(s) of Action: Fraud

Description:

Plaintiffs are unsophisticated Chinese nationals, most of whom neither speak nor read English. They sought out the American dream -- the opportunity for them and their family to live, go to school and work in the United States. But their dream has been turned into a financial nightmare.Defendants schemed and conspired to fraudulently induce Plaintiffs and other investors (collectively, the "Investors") to each invest $500,000.00 under the EB-5 Immigrant Investor Program. NYCRC, Olsen and Levinsohn misled the Plaintiffs to invest, repeatedly
and continually breached their fiduciary duties, failed to act as reasonable and prudent managers, breached the Fund's Operating Agreement, enriched themselves at the Fund's and the Plaintiff's' expense, violated the Limited Liability Company Law and engaged in a lengthy and extraordinary cover-up to prevent the Plaintiffs and other Investors from discovering the truth.