Sunday, May 22, 2016

SEC Files Charges Against Pasadena Congresswoman Judy Chu's Longtime Supporter

BINGQING YANG CHARGED FOR RUNNING $68 MILLION PONZI-LIKE SCHEME PREYING ON CHINESE-AMERICANS AND EB-5 VISA IMMIGRANT INVESTORS

Bingqing Yang describes herself as having "sponsored the first Asia America female Congressman Dr. Judy Chu to successfully run for the Congressman." She also has contributed often to Judy Chu's campaign, Judy Chu for Congress. After Ms. Yang was charged, Judy Chu for Congress returned her most recent contribution of $5500.

Part of the alleged scheme was tied to the federal EB-5 immigrant visa investor program, according to the SEC. From 2011 to 2014, the commission said, Yang targeted Chinese citizens who wanted to obtain green cards through the EB-5 program, ultimately raising $8 million from EB-5 investors (Chinese immigrants seeking a special visa that let's them obtain a green card for making $500,000-$1,000,000 investments).

In a recent interview, Judy Chu stated that she became interested in the EB-5 program when she was elected to Congress in 2009 and that she wanted to make the program permanent (link).


US Immigration began making a number of changes to the program in hopes of increasing the number of applicants. By the end of 2011, more than 3,800 EB-5 applications had been filed, compared to fewer than 800 applications in 2007. In 2014, the program reached maximum capacity (link).

Judy Chu's husband, Mike Eng is an immigration attorney who provides assistance with EB-5 Visas (link). 


According to Ballotpedia (link), since entering Congress Judy Chu's net worth has averaged a 539% yearly increase. Again this was during her time in office.


SEC Press Release (link):


(Mod: This information was provided for the discerning local political wonk in all of us by the Mike Sweeney for Congress campaign. And yes, Judy Chu supports the 710 Tunnel. All who do shall face the wrath of my bombast.) 

And then there is this next story we'd like to share with you.


Mod: For the rest of the article click here.

Beers, Steers, and Republicans?


Mod: It doesn't make them bad people. Link here.

sierramadretattler.blogspot.com

24 comments:

  1. I hope we are not bringing the same corruption to the United States that is endemic in China. There needs to be an orderly process of immigration particularly when you have upwards of 500,000 million Chinese who would rather live in the United States than in China and when 200 million of them want to live in the San Gabriel Valley. There needs to be some degree of assimilation also. The Chinese are filling up cities so fast they don't even need non-Chinese to patronize their businesses. Have you seen the billboards now along Huntington Drive? I welcome people into our community but learn the language, don't tear down all the homes and change the neighborhoods. We also need to be careful about making the San Gabriel Valley unlivable with too many people and too much traffic. Remember when the 210 freeway was so nice. It wasn't that long ago. Now you have Judy Chu and her husband Mike Eng. They are like the Chinese version of the Clintons. Judy Chu needs to be drummed out of office. She is ocrrupt and so is her husband.

    ReplyDelete
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    1. Crooked Judy

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    2. The current trend is that more people move out of the area than into the area, despite the surge in Asian immigrants.
      More people leaving the area also means lower house prices in the long term.

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  2. Dracula was a stakeholder. Did Mike Eng help him get a green card?

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  3. Wait let's not pick on Judy, all though she is the most inept congressmen we have had in the last 50 years.She did pass a bill to name the Sierra Madre post office after our long time resident and Congressional Medal of Honor awardee Louis Van Ersal. Oh but wait the Postal Service has plans the close that post office. Maybe they will just put a plaque in the sidewalk "on this spot used to sit the Louis Van Ersal Post Office. It is now located in Arcadia".

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  4. Money buy everything in politics but not intelligence or moral ethics some times called 'honesty', as many poster have pointed out and will add later.

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  5. Los Angeles County is closing in on the #1 Most Corrupt spot.
    http://progressillinois.com/quick-hits/content/2015/06/01/report-chicago-remains-nations-corruption-capital-illinois-ranks-third

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  6. Remember what Harry Truman said :" No honest person gets rich in politics." Someone has been a very naughty girl.

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  7. I wonder if she has anything to do with other naughty girls?

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  8. Mod: your link regarding Chu's rapidly increasing net worth is just the SEC press release about her fraudster friend. Maybe you could update the link.

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    Replies
    1. According to Ballotpedia Congresswoman Chu's net worth averaged 539% yearly growth while in office. Pretty robust growth. https://ballotpedia.org/Judy_Chu

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    2. 8:57 - Good point. I changed it around a little.

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    3. Crooked Judy

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  9. https://ballotpedia.org/Judy_Chu#Personal_Gain_Index



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  10. Many EB-5 visa attorneys charge $50k or more per person, so it's easy for a family that includes an EB-5 attorney to see family income and net worth increase of late.

    Skyrocketing income and net worth like Chu's very likely is the result of potential clients believing the attorney's elected official wife's political influence will help speed up the process and ensure a good outcome for the client.

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  11. That brand new Lambo followed down the boulevard by that brand new Ferrari last night: EB-5 visa holders or EB-5 visa attorneys?

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  12. Texas: Some think that those cowboy costumes they wear there are rather fabulous.

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    Replies
    1. They have spurs that jingle jangle jingle.

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  13. In the SGV political office is a license to steal.

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    Replies
    1. As John Wuo and Sho Tay so prominently exemplified with their Gem Coin deal. That's why the Arcadia group is going with Bob Huff and his Asian wife. They've dumped Antonovich because of Christine's involvement with that.

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  14. I hear Huff is no better.

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    Replies
    1. No kidding. The man moves around to open seats after he gets termed out. Guess that's easier than actually working in the private sector.

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    2. No kidding. The man moves around to open seats after he gets termed out. Guess that's easier than actually working in the private sector.

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  15. Under $100,000 net worth increasing to over $2.2 million in four years. That's some amazing growth in net worth. Congress doesn't pay that good.

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