Investment-for-Visas Business Owner on the Hook for $2.4 Million

The owner of a business that coordinates U.S. infrastructure investments for foreign nationals seeking EB-5 visas owes the venture $2.36 million after funneling funds to himself and another company official, a Delaware judge ruled Friday.

Vice Chancellor J. Travis Laster issued a 125-page ruling for Delaware’s Chancery Court, handing damages to the company itself—Delaware Valley Regional Center LLC—but denying a bid by two minority investors for personal damages or an order restructuring the venture to oust principal owner Joseph Manheim.

“If Manheim had abused his control pervasively, then the court might consider appointing a receiver,” but he’s guilty only “of ...