Finally.
Now that the Rounds for Senate election cycle is over.
Yes, the ugly EB5 mess is back in the news. Joop Bolen was arrested for several felony charges this week. Then Governor, now US Senator Mike Rounds says more Federal oversight is needed for the program. Really?? As Governor, he was responsible for oversight. But oversight apparently isn’t one of the best qualities of the Rounds and Daugaard administrations.
If you are wondering why it took so long for EB5 investigations to result in any consequence for anyone you are not alone. You might recall the reluctance of the Republican Legislative leadership to investigate.
With Millions of dollars lost, misplaced and/or misused, I suggested that a Legislative committee be charged with the responsibility of doing a serious investigation.
A few of the things they could consider…
• Three payments totaling $1.7 million inexplicably went to a holding company in Cyprus that owns Russian railway companies;
• More than $5.1 million was used to purchase a Hong Kong-based lender;
• That lender had previously provided $2.85 million as bridge financing at 29 percent interest for Northern Beef Packers in Aberdeen. The loan cost nearly $7.5 million before the purchase of the lender;
• Some $5 million can’t be found;
• Approximately $3.3 million was improperly spent on expenses;
• Money was loaned between projects;
• Incomplete and inaccurate reports were filed five consecutive years to the federal agency, including after state government took back control of South Dakota’s program on Sept. 24, 2013;
• The outside contractor who previously managed the program for state government has continued to run a website identified as South Dakota Regional Center Inc.;
• Investor agreements sometimes appeared to have been altered;
• Investors sometimes complained they couldn’t get their money back after their visa applications were refused;
• Four South Dakota dairies involved with the program filed Chapter 11 bankruptcy; and
• The federal government received 1,002 immigrant petitions by alien entrepreneurs associated with 32 projects in South Dakota, with 705 approved to date.
You may also recall then Governor Rounds’ Cabinet Member Richard Benda’s “suicide” by a shotgun blast to the abdomen. Another man closely associated with the Rounds-Daugaard administrations, Scott Westerhuis, also supposedly killed himself (with a shotgun) after killing his wife and four children and setting their home on fire. Apparently, dealing with the Chinese and Rounds-Daugaard administrations is not good for a person’s mental health.
You might be wondering if Bolen will offer prosecutors anything that could incriminate anyone else as part of a plea deal… say, for instance a former or present Governor. Don’t hold your breath. It isn’t likely that the prosecutor has much interest in going after the guy who appointed him to the job.
So, the EB5 mystery tour continues.
***Gordon Howie is an author and CEO of Life and Liberty Media***
“It’s not about right or left, it’s about Right or Wrong.”
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You are insaner than most, Mr. Howie. Where is my money?
Let’s begin by you disclosing your name. You are very proficient with anonymous malicious comments and allegations. If you want to hide behind the darkness, you have no credibility to begin with.
Does it make any sense yet. The name of the business just like the name pizza hut is the State of South Dakota. It is a private for profit business. And you and I and the public are not benefiting of the profits, just like pizza hut. we are only buying the service. 1889 South Dakota was never ceded into the union. The president that Ceeded South Dakota into Union County was the president of the self appointed board. No Congress No United States President ever allowed it to be a star on the flag. Every day is an EB5. that’s what it does.Omnibus Bill proves this. Wake Up like the 90 percent of the public has. your house your car they own it.