Aero Space Port
2011 - 2015
In Renton, Washington Aero Space Port International (ASPI) deceived 29 international investors with promises of visas through the EB-5 program. The investment funds were intended for an industrial park that manufactured car parts in a high unemployment area. However, a civil suit against the owner of the project alleges he spent the money on personal and unrelated expenses instead.
The suit alleges Andy Shin Fong Chen, owner of ASPI, spent “virtually all of the funds … to engage in personal stock trading, satisfy margin calls, pay ASPI’s operating expenses, make lease payments on a luxury automobile, fund other businesses he controlled, and support other EB-5 Program Commercial Enterprises.”
In May 2017, the Securities and Exchange Commission filed charges against Chen for misappropriating EB-5 investments.