SEATTLE — A Bellevue developer has been sentenced to four years in prison for scamming hundreds of investors out of tens of millions of dollars for projects from Everett to Seattle.

The Seattle Times reports (https://goo.gl/iz26M7 ) that Lobsang Dargey also was sentenced Friday to three years of supervised release.

He had previously agreed to pay about $24 million in restitution.

The case was one of the first in the country involving a federal law that allows foreign investors to get green cards in exchange for funding job-creating projects in the United States.

Prosecutors with the U.S. Attorney’s Office said Dargey raised approximately $235 million in all, luring people in China with a “green card guarantee.”

Instead, he used some of the money to buy a $2.5 million house in Bellevue and on lavish shopping sprees.


Information from: The Seattle Times, http://www.seattletimes.com

Author photo
The AP is one of the largest and most trusted sources of independent newsgathering. AP is neither privately owned nor government-funded; instead, as a not-for-profit news cooperative owned by its American newspaper and broadcast members, it can maintain its single-minded focus on newsgathering and its commitment to the highest standards of objective, accurate journalism.