Starting in 2011, Lin "Lily" Zhong and her company, EB5 Asset Manager LLC., solicited funds for real estate development which included a mixed-use commercial project planned for the City Center in Port St. Lucie, Florida.

Zhong raised at least $8.5 million through the sale of Asset Manager's securities to at least 17 investors, primarily soliciting investments from Chinese nationals seeking residency in the U.S.

Zhong told her investors that 100% of their investment would go toward construction and that any transaction that benefited Zhong would require investor consent. She also told investors that their funds would be held in escrow until their immigration petitions were approved.

However, Zhong used a substantial portion of the investments for personal expenses. Her purchases included a $2.5 million home for her to live in part-time, a 48-foot boat, BMW and Mercedes vehicles. She also used investments to finance her daughter's education.