EB-5: Chink in Joop Bollen’s Armor
To those who are suspicious of the intentions of Joop Bollen, the man recently charged with mishandling funds regarding the State's EB-5 program, a suit of armor in the window of home may seem ironic.
Originally seen as a knight in shining armor sent to help disperse the federal funds used to launch South Dakota's EB-5 investment for visa program, millions of dollars funneled through Bollen's hands.
Then-Governor Mike Rounds recently spoke about the assumption he and others had about oversight of the program:
The State of South Dakota would use different federal programs on a regular basis and you always assume that if the federal program is in place that they have a control process in place. We're finding in some cases, that is not the case.
Bollen was reported to have earned a fixed income of $70,000 per year, yet he claimed his drive as a businessman involved buying multiple properties presumed to be for investments.
It appears the team investigating on behalf of South Dakota Attorney General Marty Jackley found the chink in Bollen's armor: his affinity for antiques.
No one knows where all of his money came from, but it was the purchase of two Egyptian antiques that raised a red flag.
Jackley says the investigation into Bollen's financial dealings and the subsequent five charges against him came from a meticulous study of the flow of money:
Some of that money, about $400,000 was used in relation to Egyptian art.
Bollen is presumed innocent until proven guilty in a court of law.