New Orleans RC got sued
An Regional Center (RC) in New Orleans is being sued in Federal Court by 27 EB-5 Investors. Allegedly defendants, William B. Hungerford Jr. and Timothy O. Milbrath, principals of Noble-Real Estate-GP, misused immigrant investors funds that were invested into their regional center. The suit claims that the defendants diverted $13.5 million from the investment fund into more than 30 sham companies created under the laws of Louisiana, Maryland, and Delaware that Hungerford and Milbrath ultimately controlled. Specifically, the plaintiffs claim that the regional center principals diverted at least six million ($6,000,000 USD) of funds to themselves for excessive and unwarranted consulting services. A copy of the complaint can be found here.