Bollen Indicted for Role in EB-5 Financial Misconduct Case

PIERRE, S.D. (AP) — The man who once ran South Dakota's scandal-ridden investment-for-visa program has been indicted on felony charges stemming from a financial misconduct investigation.

Attorney General Marty Jackley says Joop Bollen is to be arraigned this month.

The charges deal with SDRC Inc., a company Bollen founded that previously handled South Dakota's participation in the EB-5 visa program.

Bollen allegedly diverted more than $1.2 million from an account created as part of a contract with the state to protect it against costs or liability from the program. Authorities say the money was mostly replenished.

Bollen faces five counts, each punishable by up to two years in prison and a fine. There's a presumption of probation if convicted for Bollen's class of felony.

Bollen's attorney didn't immediately return a telephone message.

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