Willian B. Hungerford, Jr., and Timothy O. Milbrath, a former White House military aide and former Air Force colonel, were each sentenced to 102 months in prison for defrauding 31 EB-5 investors of $18 million. Though the capital was supposed to be used to rebuild New Orleans after Hurricane Katrina, much of it was misappropriated for personal use including the purchase of vacation and rental properties.

Read the U.S. Department of Justice release