Potala Developer loses control at the hands of U.S. District Court

According to The Seattle Times, the U.S. District Court has ordered that Path America’s assets be placed into receivership, severing CEO Lobsang Dargey’s control of the Everett company. Dargey is behind the controversial Potala development on Lake Washington Blvd.

The Securities and Exchange Commission sought the move after filing a civil-securities fraud lawsuit in August alleging Dargey, 42, of Bellevue, has misappropriated tens of millions of dollars invested by Chinese citizens seeking to immigrate through the EB-5 visa program.
— The Seattle Times

The court ordered that Dargey be removed from control of Path America’s operations. Path America has projects in Everett, downtown Seattle and in Kirkland.

Path America apartment projects include 2900 Grand Ave. in Everett, the 40-story Potala Tower project at 2116 Fourth Ave and Potala Village project along Lake Washington Blvd. in Kirkland.

Learn more: 

http://www.seattletimes.com/business/real-estate/dargeys-path-america-put-into-receivership/