Bankrupt Crony Capitalism
Horn Lake, MS
2008 - 2018
A decade ago, former Virginia Governor Terry McAuliffe teamed up with business man Charles Wang and Hillary Clinton's brother Anthony Rodham to launch Greentech Automotive, a "green energy" car manufacturing venture, which they financed through the EB-5 program. In February 2018, they filed for bankruptcy.
GreenTech raised over $140 million from nearly 300 investors, but nobody seems to know where all that money has gone. As recently as May 2016, GreenTech employed only seventy-five people, never finished building a fully-operational manufacturing plant, and never sold a single vehicle.
In December 2017, the State of Mississippi sued GreenTech to recover $6 million in taxpayer funds and seek forfeiture of the land provided for the never-realized car factory in Tunica County.
GreenTech - and Governor McAuliffe in his personal capacity - is also defending itself in a lawsuit filed by thirty-two Chinese nationals, who describe the crony venture as being part of a "$120 million scam." Because GreenTech never created a sufficient number of qualifying jobs under the EB-5 visa program's rules, these foreign investors face revocation of their green cards and deportation.