The lawsuit accuses developers of the proposed resort in the Northern Mariana Islands of fraud.
Northern Mariana Islands.- A $13.4m lawsuit has been lodged at the New York State Supreme Court against the developers of a proposed casino resort in Tinian, alleging fraud and other misconduct. The plaintiffs, 23 Chinese members of the American Northern Marianas Economic Development Fund LLC, claim breach of fiduciary duty, negligent misrepresentation, conversion, legal malpractice and unjust enrichment.
According to Marianas Variety, Xianjun Meng, managing director of the American Northern Marianas Regional Center (ANMRC) and CEO of Bridge Investment Group LLC; his wife, Silvia Siu, also known as Xiao Bing; and two New York attorneys, Jin An and Samuel Newbold are named in a 81-page complaint filed in July. Meng and Siu, who reside in New York, are principals of Canbo International Group, a Hong Kong-based immigration consultancy.
The plaintiffs claim they invested nearly $12.1m the development and that they were told this would qualify them for EB-5 investor visas. The Fund was formed in May 2014, but the resort has not been built and the investors say none of them received visas.
The project was to include a 385,000-square-foot casino, a 150-room six-star luxury hotel, a 150-room mid-range hotel, retail and dining options, convention space, a spa and a ferry service.
The lawsuit accuses developers of the proposed resort in the Northern Mariana Islands of fraud. Northern Mariana Islands.- A $13.4m lawsuit has been lodged at the New York State Supreme…
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