EB-5 INVESTORS IN SD REGIONAL CENTER SUE DAIRY FARM

Posted on: January 4th, 2010
by Greg Siskind
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The Argus (SD) Leader reports:

Four Korean investors in a Clark County dairy farm are suing their business partners after the venture failed.

Yoon Soo Min, Jeong Seon Park, Yong Nan Park and Jae Moon Chung each invested $500,000 in the Willow Lake farm in an attempt to gain permanent U.S. resident status under the government’s EB-5 program. Rodney Winter, formerly of Washington, agreed to relocate to South Dakota to establish the farm.

But according to a complaint filed this month in U.S. District Court in Sioux Falls, Winter and his family broke their contract by failing to invest $500,000 in cash and by titling the farm in such a way that left out the Korean investors.

When the Winters failed to make bank loan payments and lost the farm, the investors say they were unable to claim the property.