Securities Fraud Lawyer Blog
On September 7, 2021 in the Clark County Nevada District Court, Chinese businessman Patrick Sun was ordered to pay $996,572 to an investor in his Chateau Le Trois EB-5 investment program. Mr. Sun previously known as Yao Jiang, from Shanghai, China, legally changed his name from Yao Jiang to Patrick Sun in the Clark County District Court by way of a name change filing in February, 2012. Thereafter Yao Jiang began doing business under his new name, Patrick Sun.
In 2014, Mr. Sun and his then wife Ruomei Zheng put together a plan to develop a 14 acre parcel of land in the southwest Las Vegas valley to construct a mixed use development comprised of condos, a hotel and a convention center. They called the project “Chateau Les Trois.” The plan was to attract EB-5 investors, mostly Chinese nationals, who would provide the capital for a substantial portion of the development.
Mr. Sun didn’t own the land, which was located at 8030 W. Maule Ave near the 215 Freeway and Buffalo Drive in the southwest Las Vegas valley. Instead, Mr. Sun – through an affiliated LLC – held an option to purchase the land from a third party. Despite a written purchase contract to acquire the land, and numerous extensions provided by the seller, Patrick Sun never acquired the land, never pursued another EB-5 project on behalf of the CLT investors, and failed to return Plaintiff’s money.