Queens developer Richard Xia and his company, Fleet Financial, have settled with the SEC for $272 million over allegations of defrauding Chinese EB-5 investors. Between 2010 and 2017, Xia allegedly misled over 400 investors to secure $228 million for projects, including a luxury hotel and condo development in Corona, Queens. The SEC claims Xia misrepresented financing sources and diverted $30 million to purchase homes in Great Neck and Sands Point, Long Island. As part of the settlement, Xia will return $228 million to investors and pay $28.1 million in penalties and interest, and he is barred from future securities offerings. (Photo: The site of the Eastern Emerald development project.)
Queens developer Richard Xia
