Bollen Accused of Diverting over $1M in South Dakota EB5 Funds
ABERDEEN, S.D. - An attorney for the man who formerly ran South Dakota's investment-for-visa program says the state is trying to make his client a scapegoat for the scandal-ridden program.
Joop Bollen made his first court appearance Friday on charges alleging he diverted more than $1.2 million from an account meant to protect the state from losses.
Court records say most of the money was repaid to the account.
His attorney, Reed Rasmussen, said after the hearing that Bollen was wrongly targeted and that Bollen looks forward to clearing his name.
The charges center on SDRC Inc., which previously handled South Dakota's participation in the EB-5 visa program.
South Dakota was a pioneer in the program under Bollen and Richard Benda, who killed himself as authorities prepared to charge him with theft.
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