On July 26, 2024, The United States District Court for Eastern District of New York approved the parties’ proposed order and appointed Robert W. Seiden and his team as the Administrator of the Settlement Funds (the “Administrator”) in the matter of Securities and Exchange Commission v. Richard Xia, Fleet New York Metropolitan Regional Center, Julia Yue, Xi Verfenstein, and Xinming Yu. Case number: 21-cv-05350-PKC-JAM. All inquiries related to the Administrator and his work should be sent to eb5@seidenlaw.com.


Fleet New York Metropolitan Regional Center (“Fleet New York”) Fair Fund (“FNYFF”) was established to distribute $272,140,380 with post-judgement interests to be collected by from Defendants Richard Xia, a/k/a Yi Xia (“Xia”) and New York Metropolitan Regional Center, LLC, f/k/a Federal New York Metropolitan Regional Center, LLC (“Fleet”), (collectively “Defendants”), and Relief Defendant Julia Yue a/k/a JiQing Yue (“Yue”) (“Relief Defendant”) in satisfaction of their monetary obligations under the Final Judgment entered in the matter Securities and Exchange Commission v. Richard Xia, Fleet New York Metropolitan Regional Center, Julia Yue, Xi Verfenstein, and Xinming Yu. Case number: 21-cv-05350-PKC-JAM. The Fair Fund is intended for the benefit of investors harmed by Defendants and Relief Defendants alleged fraudulent offer and sale of limited partnership interests through an EB-5 Investor Program in two real estate projects. The Fair Fund Distribution is governed by a Proposed Plan of Distribution (“Proposed Plan”) Submitted by the Court-Appointed Fund Distribution Administrator.