A Former Tibetan Monk Is Being Accused of Defrauding Chinese Real Estate Investors

Lobsang Dargey arrived in the U.S. in 1997 and set to work spinning a classic immigrant success story. The former Tibetan monk wasn't fluent in English and didn't have much money, but managed to work his way up from handyman to successful Seattle-area real estate developer. Now, it seems, Dargey's assent from humble Buddhist to red-blooded capitalist is complete. Because he's been accused of securities fraud.

The Securities and Exchange Commission (SEC) on Monday filed a complaint in U.S. District Court alleging that Dargey defrauded investors—mostly Chinese nationals who funded Dargey’s projects in hopes of getting green cards—in a scheme that sounds like one part bait-and-switch and one part simple larceny. On Tuesday, the SEC said that a court had frozen Dargey's assets and issued an injunction to prevent him from soliciting new investors.