Potala Place property in receivership, Feds move to seize Shoreline property

Saturday, October 24, 2015

According to an in-depth article in The Seattle Times, Path America, the real estate development company which purchased a triangle of property between Aurora Square and Aurora Avenue, was placed in receivership Thursday, and the SEC is moving to seize the property.

The company has denied any wrongdoing, and lawyers for Dargey say he was only taking legitimate fees or borrowing money he intended to repay. Dargey has declined to comment. 
The SEC has recast the narrative of Dargey’s success as a swindle, an “egregious theft of EB-5 investor funds.” 
The agency in August won a court order freezing his assets, and on Thursday Dargey lost control of Path America when a federal judge put it in receivership. The Justice Department is moving to seize the Bellevue home and Shoreline property allegedly bought with the immigrants’ money. And, as Dargey’s attorney said in court last week, there’s also a criminal investigation under way.

The City of Shoreline, in the meantime, is taking steps to have the buildings on the property condemned and demolished. See previous story.

Read The Times story here.


1 comments:

Anonymous,  October 25, 2015 at 10:31 AM  

This property should have been turned into a park or rehabbed in a way that benefits the community, not stuffed full of ugly high rise apartments.

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