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Narrator: In this episode
of "American Greed"...
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He was born
at the top of the world
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and the bottom of the ladder.
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Lobsang Dargey,
a poor Buddhist monk from Tibet.
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He comes to America with dreams
of climbing that ladder
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and trading his robe for riches.
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He was a force of nature.
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Well, he's a fascinating person.
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Narrator: He marries a woman
who can open doors...
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from a family
of American sports royalty.
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Zlab: He's engaging.
He's unstoppable.
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This dude's...
This dude's doing stuff.
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Narrator: This dude's living
the American dream
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and selling it to wealthy
Chinese investors.
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A record number
of Chinese are looking
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to get into the United States,
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and they are willing to pay
big money to make it happen.
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He did something bat[bleep]
crazy.
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Wilkinson: This was a fraud
that was snowballing
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and just getting bigger
and bigger and out of control.
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Narrator:
$120 million are on the table,
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and the dreams of
250 immigrant investors
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are about to go up in smoke.
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They would be asked to leave
the country immediately.
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They would be deported.
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Narrator:
And when the feds come calling,
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his own dream
becomes a nightmare.
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The former monk isn't talking,
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but "American Greed"
has the inside story
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from those who thought
they knew him best.
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He's a driven person
where nothing gets in his way.
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If you are asking me,
"Did he need to be stopped?"
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Absolutely.
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♪♪
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Narrator:
Dawn breaks on the upscale
Seattle suburb of Bellevue.
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Tucked into the hillside is
a multi-million dollar mansion
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with a swimming pool
in the backyard
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and a Bentley in the garage.
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It's the home of a prominent
Seattle real estate developer
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named Lobsang Dargey
and his wife Tami Agassi,
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the sister of
tennis great Andre Agassi.
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Lobsang and Tami
would appear to have it all,
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but a knock at the door
is about to change all of that.
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Agassi: So, Lobsang's sleeping.
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I'm up early with the twins,
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and the FBI knocks on our door.
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Moran: Mr. Dargey came out
in his underwear.
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We told him to put
some clothes on
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and then we sat down
and tried to talk to Mr. Dargey.
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Narrator: The feds have a lot
of questions for Lobsang,
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like how he financed
his mansion and his Bentley,
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what is he doing
with his investor's money
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and why is he lying about it?
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Money was continuing to come in
and being misappropriated.
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There's no way to defend
falsifying a bank statement.
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And it was clear to us
that there were
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going to be
huge losses for investors.
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Narrator:
On the same day, federal
agents raid Dargey's offices,
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leaving his long-time
colleagues stunned.
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There's men and women
in FBI windbreakers everywhere,
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pulling computers off desks
and shoving stuff in boxes.
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It was very scary.
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There was probably 15 FBI agents
looking at you,
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wondering what you did wrong.
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Narrator: Tami Agassi is
suddenly looking at her husband
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and wondering the same thing.
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Our world blew up,
'cause I needed to know
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if I was married to a criminal.
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Narrator:
Tami will soon discover
that her husband is more than
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just a common criminal.
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His life is a corruption
of the American dream.
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It was, in all respects,
an American success story
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if he didn't take
a wrong way turn.
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♪♪
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Narrator:
Born in 1973, Lobsang Dargey
comes from stark beginnings,
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the youngest of three sons
toiling on a small Tibetan farm
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without electricity
or running water.
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It's a far cry
from a mansion in Bellevue.
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From what I understand,
Lobsang had a very,
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very hard upbringing.
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I know that they were very poor,
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that he didn't even get
his first toothbrush
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till he made it to India
at 19 or 20.
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He grew up in a small hut.
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They would burn yak dung
for fuel.
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It was that humble.
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Narrator:
At 13, Lobsang is shipped off
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to a Buddhist monastery
to become a monk.
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It's not the boy's choice.
It's economic necessity.
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Conditions there are harsh.
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Lobsang is lonely,
and eventually in great danger.
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Reporter: Over the past
two years, the Chinese Army
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has clashed
with local people four times.
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Tibetan monks led demonstrators
in demanding independence
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from Chinese rule.
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Narrator:
The uprising in Tibet sends
Lobsang running for his life.
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He treks 2,800 miles
across the Himalaya mountains
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to find refuge at
the Dalai Lama's Kirti Monastery
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in Dharamshala, India.
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For a devout Buddhist monk,
Kirti is a holy place,
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but Lobsang finds another
calling here...
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Business.
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He has a gift for haggling
at the local market
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that earns him the formal role
of "Business Monk."
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You don't really
think of ambition
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when you think of Tibetan monks,
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and he was the business side
of the monastery,
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and so maybe that started
the little seed
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of being an entrepreneur,
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being in charge of the money
at the monastery.
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Narrator:
As Business Monk, Lobsang
befriends Western travelers
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visiting the monastery.
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While the tourists see
a charming young holy man,
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he may see a ticket to pursue
his true calling in America.
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Agassi: One of the Western
travelers that he met,
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he would cold call her
all hours of the day.
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And finally, just because
he badgered her to death,
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she finally said okay
and sent a letter of invitation.
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Narrator: Dargey's ticket is
punched and his bags are packed.
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The enterprising young business
monk is on his way to America.
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♪♪
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In this strange new land of
milk and honey, Dargey is broke,
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but wide-eyed with ambition.
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He sees freedom, wealth,
and opportunity all around him,
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and he wants some.
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He gets here to America
and it's like,
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"Hey, man,
this is like a circus.
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Everything's gravy
after what I've been through."
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Joe Zlab, Dargey's friend
and former vice president,
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has a front row seat
to his transformation.
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"Rules?
Sure, I'll obey the rules,
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but I don't necessarily
know all the rules,
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and I'm just going
to go whole hog.
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I'm going to do
everything I can.
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I'm going to be unstoppable."
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Narrator: In Seattle, Lobsang
finds many of the locals
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sympathetic to the plight
of an exiled Tibetan monk.
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With their help,
he picks up odd jobs.
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He's known around town
as "the painting monk."
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Agassi:
I actually know a realtor who
knew him as the painting monk,
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and how he would carry his
ladder and paints on the bus,
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which was against all the rules.
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[ Phone dialing ]
Narrator: And before long,
he puts down the paint brush
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and picks up a phone, selling
commercial phone service.
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Agassi:
He would cold call all day until
his whole face would be red.
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His ear would be red,
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but they said he always closed
the deal at the end of the day.
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Narrator: A closer, earning
enough to buy a small house.
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And with roots
now planted in America,
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Dargey sheds the robes
that never really fit.
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Poverty and chastity?
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Why not give
money and women a try?
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And a chance encounter
with Tami Agassi in 2003
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offers up just the kind of woman
he's looking for.
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I was executive director
for a non-profit in Seattle.
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As part of my job,
I held a lot of relationships
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with a lot of people
who were very philanthropic.
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Narrator: Tami rubs elbows
with wealth and power
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and her brother is a superstar.
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You have often said, Andre,
that your sister Tami
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is your best friend.
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For sure he knew my brother
was a sports superstar.
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And at the beginning I thought
it was really refreshing,
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because he pretended
that he didn't know.
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Narrator: At the time,
her brother, Andre,
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is the #1 ranked tennis player
in the world.
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Opportunity is knocking,
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and the fearless
young salesman is dialing.
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Agassi:
He proceeded to cold call me
for over a year to go on a date.
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This was the call.
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"Hello, Tami, this Lobsang.
You want to go dinner sometime?"
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He was very aggressive.
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He had no understanding
of protocol.
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You shot him down, he acted like
he didn't really register it
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and would tell you to call him
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if you wanted to go
to the movies sometime.
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Narrator: After a year
of saying "no,"
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Tami finally says,
"Okay already."
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And, much to her surprise,
resistance gives way to love.
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Agassi:
Well, he's a fascinating person.
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He's highly intelligent.
He's very charismatic.
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He knows how to live
in the present.
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He doesn't adhere
to any social protocol,
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which makes him hilarious.
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Narrator: Lobsang closes perhaps
the biggest deal of his life
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when the couple marry
in December, 2004.
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Now headed for U.S. citizenship
in a well-connected family,
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Lobsang is set up to carve out
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his own slice
of the American pie.
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Looking back, Tami now wonders
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how much of the groom's
affection was heartfelt
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and how much was hustle.
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I think Lobsang
is an opportunist.
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It doesn't mean
that he didn't care about me,
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but I think his eyes lit up
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with the circle
that was around me.
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♪♪
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Narrator: Up next...
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Narrator:
Charity begins at home.
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For this hustler, so does greed.
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Agassi: At the time,
I didn't think anything of it.
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00:10:43,543 --> 00:10:45,078
We were building a life
together.
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Looking back,
that's flat-out insane.
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Narrator: And later, where does
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00:10:50,083 --> 00:10:53,853
a young American entrepreneur
go to raise capital?
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00:10:53,887 --> 00:10:56,523
Communist China, of course.
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Reporter:
Cash-heavy Chinese increasingly
want U.S. citizenship.
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00:11:00,560 --> 00:11:03,039
He was offering
a green card guarantee.
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00:11:03,063 --> 00:11:05,365
And he sold them
on the American dream.
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00:11:05,398 --> 00:11:10,170
♪♪
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00:11:13,940 --> 00:11:21,940
♪♪
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00:11:23,316 --> 00:11:24,984
Narrator:
In Bellevue, Washington,
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00:11:25,085 --> 00:11:28,154
Lobsang Dargey
chases a new dream...
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00:11:28,188 --> 00:11:30,156
Real estate development,
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00:11:30,190 --> 00:11:34,160
with his new wife, Tami,
as his angel investor.
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00:11:34,194 --> 00:11:37,230
The second we got married,
he had quit his job,
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00:11:37,263 --> 00:11:39,432
lived off my salary
for a year and a half,
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00:11:39,466 --> 00:11:43,303
and started pulling money out
of my assets to buy real estate.
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Narrator: He convinces Tami
to mortgage her house,
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00:11:46,139 --> 00:11:50,443
taking out a loan of $300,000
against her equity.
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00:11:50,477 --> 00:11:52,479
At the time,
I didn't think anything of it.
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00:11:52,512 --> 00:11:54,314
We were building
a life together.
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00:11:54,347 --> 00:11:57,017
Narrator: Tami is not the only
one in the Agassi family
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00:11:57,117 --> 00:11:59,019
charmed by Lobsang.
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Her father, Mike, immigrated
to America from Iran
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00:12:02,856 --> 00:12:07,293
and he sees in Lobsang
a younger version of himself.
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00:12:07,327 --> 00:12:11,765
He invests $300,000
with his son-in-law.
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00:12:11,798 --> 00:12:13,633
The young developer gets to work
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00:12:13,667 --> 00:12:15,802
buying and renovating
old buildings
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00:12:15,835 --> 00:12:18,938
in the working class town
of Everett, Washington,
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00:12:18,972 --> 00:12:21,808
and they are happy to have him.
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00:12:21,841 --> 00:12:26,179
The city was happy
because Lobsang had potential.
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00:12:26,212 --> 00:12:30,884
You bring in a young, ambitious,
aggressive, developer?
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00:12:30,917 --> 00:12:33,253
They're going to be happy.
It's good for the city.
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00:12:33,286 --> 00:12:37,157
[ Tools whirring ]
Narrator: In 2008, he graduates
to new construction
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00:12:37,190 --> 00:12:40,894
with a large residential
and retail complex.
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00:12:40,927 --> 00:12:43,396
He calls it Potala Village,
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00:12:43,430 --> 00:12:46,299
named after
Potala Palace in Tibet,
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00:12:46,332 --> 00:12:49,936
once home to the Dalai Lamas.
240
00:12:49,969 --> 00:12:54,307
Lobsang funds the project
by raising $22 million
241
00:12:54,341 --> 00:12:58,244
through Tami's personal
connections and a bank loan.
242
00:12:58,278 --> 00:13:04,184
He got a loan in 2008,
when no one was getting loans,
243
00:13:04,217 --> 00:13:06,186
or it was very difficult
to get loans, especially,
244
00:13:06,219 --> 00:13:08,097
you know, for millions
of dollars to build a building.
245
00:13:08,121 --> 00:13:09,889
Most developers
were kind of curling up
246
00:13:09,923 --> 00:13:11,524
into the fetal position
at that point,
247
00:13:11,558 --> 00:13:13,560
and he's like, "No, we're
gonna do this thing."
248
00:13:13,593 --> 00:13:17,130
And so we did.
249
00:13:17,163 --> 00:13:20,333
He built it out when most
people were not building.
250
00:13:20,367 --> 00:13:22,207
He kind of got a name
for himself at that point
251
00:13:22,235 --> 00:13:25,071
of like, "This dude...
This dude's doing stuff."
252
00:13:25,105 --> 00:13:30,410
[ Singing ]
253
00:13:30,443 --> 00:13:33,213
Narrator: And though he is
no longer a monk,
254
00:13:33,246 --> 00:13:37,917
Buddhism is still part of his
life and part of his brand.
255
00:13:37,951 --> 00:13:40,420
Potala village
is adorned with symbols
256
00:13:40,453 --> 00:13:43,957
that play well here in
the progressive Seattle area,
257
00:13:43,990 --> 00:13:48,528
where Dargey's
heritage gives him cachet.
258
00:13:48,561 --> 00:13:52,532
He was very spiritual.
He would bring in monks.
259
00:13:52,565 --> 00:13:54,968
When he'd buy
a new construction site,
260
00:13:55,001 --> 00:13:57,380
before the groundbreaking, that
would be part of the ceremony,
261
00:13:57,404 --> 00:13:59,205
where they'd come out
and bless the ground.
262
00:13:59,239 --> 00:14:00,940
It was really important
to him to have
263
00:14:01,041 --> 00:14:03,176
that kind of energy
in his projects.
264
00:14:03,209 --> 00:14:05,545
Probably some of it
was just natural to him to do.
265
00:14:05,578 --> 00:14:08,048
Some of it was probably also
a little bit of marketing.
266
00:14:08,081 --> 00:14:10,617
This is what I would say
about Lobsang's Buddhism
267
00:14:10,650 --> 00:14:12,318
and how it benefits him...
268
00:14:12,352 --> 00:14:15,955
When it provides
and an opportunity for him,
269
00:14:16,056 --> 00:14:17,424
he makes the right choice.
270
00:14:17,457 --> 00:14:20,427
When it doesn't provide
an opportunity for him,
271
00:14:20,460 --> 00:14:22,429
he can weaponize that Buddhism.
272
00:14:22,462 --> 00:14:25,365
"I need to follow my karma
and let go and move on."
273
00:14:25,398 --> 00:14:26,933
He could switch back and forth
274
00:14:26,966 --> 00:14:30,470
from that dimension
all day long.
275
00:14:30,503 --> 00:14:32,539
[ Laughing ]
276
00:14:32,572 --> 00:14:36,052
Narrator:
But Lobsang's dedication to
the discipline of non-attachment
277
00:14:36,076 --> 00:14:38,054
is about to be put the test.
278
00:14:38,078 --> 00:14:40,313
Agassi: Good luck!
279
00:14:40,347 --> 00:14:45,518
♪♪
280
00:14:45,552 --> 00:14:49,989
Kirkland, Washington is only
20 miles south of Everett,
281
00:14:50,090 --> 00:14:53,626
but in the real estate game,
it's a world away.
282
00:14:53,660 --> 00:14:57,931
For his next venture, Dargey
eyes this quiet, upscale town
283
00:14:57,964 --> 00:15:00,400
and a plot of prime real estate
284
00:15:00,433 --> 00:15:03,336
a stone's throw
from Lake Washington.
285
00:15:03,370 --> 00:15:07,073
He commits to buying
the property for $8.6 million
286
00:15:07,107 --> 00:15:10,443
and pitches another high-density
residential project,
287
00:15:10,477 --> 00:15:13,113
fully outlined in his blueprints
288
00:15:13,146 --> 00:15:16,049
and striking
promotional materials.
289
00:15:16,082 --> 00:15:18,385
But this time, he hits a wall,
290
00:15:18,418 --> 00:15:22,322
and learns a new American
concept... N.I.M.B.Y,
291
00:15:22,355 --> 00:15:24,190
"Not In My Backyard."
292
00:15:24,224 --> 00:15:25,525
Developing in Kirkland
293
00:15:25,558 --> 00:15:28,037
is nowhere
like developing in Everett.
294
00:15:28,061 --> 00:15:30,597
He was cramming a lot of units
into the property,
295
00:15:30,630 --> 00:15:32,265
just like he would do
in Everett,
296
00:15:32,298 --> 00:15:34,834
and that did not go over well
with the community.
297
00:15:34,868 --> 00:15:38,171
They basically said no.
298
00:15:38,204 --> 00:15:40,840
Narrator: Dargey's Business Monk
routine rings hollow
299
00:15:40,874 --> 00:15:43,610
with the toney
residents of Kirkland.
300
00:15:43,643 --> 00:15:46,413
They are turned off
by size of the project
301
00:15:46,446 --> 00:15:49,849
and the aggressive style
of the builder.
302
00:15:49,883 --> 00:15:51,584
Agassi:
He would stand up at meetings.
303
00:15:51,618 --> 00:15:55,064
They would voice concerns and
he would bark at them and say,
304
00:15:55,088 --> 00:15:57,223
"You don't need
to worry about that,"
305
00:15:57,257 --> 00:15:59,592
versus addressing
their concerns.
306
00:15:59,626 --> 00:16:01,428
If he would have courted them
307
00:16:01,461 --> 00:16:04,431
the same way he courts
an investor,
308
00:16:04,464 --> 00:16:07,634
he probably could have resolved
a lot of these concerns.
309
00:16:07,667 --> 00:16:13,015
But instead, he was
a bull in a china shop.
310
00:16:13,039 --> 00:16:16,409
Narrator: Dargey locks horns
with a vocal citizen's group,
311
00:16:16,443 --> 00:16:19,245
and his building permits
are blocked.
312
00:16:19,279 --> 00:16:23,216
The conflict escalates
and Lobsang digs in,
313
00:16:23,249 --> 00:16:27,587
deploying both lawyers
and monks to the battleground.
314
00:16:27,620 --> 00:16:32,292
Agassi: Lawsuits, complaints,
him flying in monks
315
00:16:32,325 --> 00:16:34,894
[ Monks chanting ]
to unearth the demons
in the earth
316
00:16:34,928 --> 00:16:37,330
so he could get his permits.
317
00:16:37,364 --> 00:16:41,501
It was a constant source of
needing to come up with money.
318
00:16:41,534 --> 00:16:45,338
Zlab: So it was time
and energy and expense
319
00:16:45,372 --> 00:16:49,342
that I think he would have
probably not gone into
320
00:16:49,376 --> 00:16:51,544
had he known what
he was getting himself into.
321
00:16:51,578 --> 00:16:56,058
However, once he was into it,
there was no backing out.
322
00:16:56,082 --> 00:16:58,585
Narrator: Dargey's dreams
are sinking in Kirkland,
323
00:16:58,618 --> 00:17:00,353
and he needs to come up
with money
324
00:17:00,387 --> 00:17:03,089
to keep his enterprise afloat.
325
00:17:03,123 --> 00:17:07,160
In a strange twist of fate,
he's about to get a lifeline
326
00:17:07,193 --> 00:17:10,530
from the country
that once oppressed him.
327
00:17:10,563 --> 00:17:12,098
A record number of Chinese
328
00:17:12,132 --> 00:17:13,743
are looking
to get into the United States,
329
00:17:13,767 --> 00:17:16,202
and they are willing to pay
big money to make it happen.
330
00:17:16,236 --> 00:17:20,306
They're doing it through an
investor immigrant visa program
331
00:17:20,340 --> 00:17:22,575
that's called the EB-5 program.
332
00:17:22,609 --> 00:17:25,478
Narrator: Dargey hears about
an obscure government program
333
00:17:25,512 --> 00:17:27,647
called EB-5.
334
00:17:27,681 --> 00:17:30,517
Reporter: EB-5 is the technical
name for the program,
335
00:17:30,550 --> 00:17:34,521
which was designed to trade
job growth for U.S. citizenship.
336
00:17:34,554 --> 00:17:38,124
Narrator: Under EB-5, foreign
nationals from countries
337
00:17:38,158 --> 00:17:41,194
all over the world
can earn permanent residency
338
00:17:41,227 --> 00:17:46,232
or "green card" status for
themselves and their families.
339
00:17:46,266 --> 00:17:49,736
To qualify, they must invest
at least $500,000
340
00:17:49,769 --> 00:17:53,139
in a job-creating
American venture.
341
00:17:53,173 --> 00:17:55,742
But the key is that
that money actually be spent,
342
00:17:55,775 --> 00:17:58,611
all of it,
on the job-creating enterprise.
343
00:17:58,645 --> 00:18:00,480
And so
the fundamental requirement
344
00:18:00,513 --> 00:18:04,851
is that all $500,000
goes to create jobs.
345
00:18:04,884 --> 00:18:07,354
Narrator:
Dargey's mind lights up.
346
00:18:07,387 --> 00:18:10,590
He knows that China
is full of wealthy entrepreneurs
347
00:18:10,623 --> 00:18:13,560
who covet American residency.
348
00:18:13,593 --> 00:18:16,563
The global business
of passport portfolios...
349
00:18:16,596 --> 00:18:18,732
This is where the wealthy
get a portfolio passport...
350
00:18:18,765 --> 00:18:20,400
Is booming.
351
00:18:20,433 --> 00:18:22,411
But should we sell passports?
We absolutely should!
352
00:18:22,435 --> 00:18:25,505
Investment is good.
Creating jobs is good.
353
00:18:25,538 --> 00:18:29,609
America has set the table
for Lobsang Dargey.
354
00:18:29,642 --> 00:18:31,511
He gets here to America
and it's like,
355
00:18:31,544 --> 00:18:34,180
"Hey, man, everything's gravy
after what I've been through."
356
00:18:34,214 --> 00:18:36,850
Narrator: And he's about
to turn his old nemesis
357
00:18:36,883 --> 00:18:39,652
into the ultimate gravy train.
358
00:18:39,686 --> 00:18:42,389
Next on "American Greed"...
359
00:18:42,422 --> 00:18:45,625
Dargey puts a huckster spin
on EB-5,
360
00:18:45,658 --> 00:18:48,528
calling it a
"green card guarantee."
361
00:18:48,561 --> 00:18:50,830
What could possibly go wrong?
362
00:18:50,864 --> 00:18:54,668
Wilkinson:
From the very first check
that he got from an investor,
363
00:18:54,701 --> 00:18:57,504
he was essentially
stealing from the project.
364
00:18:57,537 --> 00:19:02,208
♪♪
365
00:19:05,577 --> 00:19:13,577
♪♪
366
00:19:15,020 --> 00:19:19,525
Narrator: In August 2011,
Lobsang Dargey is approved
367
00:19:19,558 --> 00:19:23,529
for a federal program
called EB-5.
368
00:19:23,562 --> 00:19:26,665
It's a lifeline connecting him
to millions of dollars
369
00:19:26,699 --> 00:19:30,936
from foreign investors eager
to become American residents.
370
00:19:31,036 --> 00:19:33,772
These investors
were not primarily drawn
371
00:19:33,806 --> 00:19:35,641
to invest to make money.
372
00:19:35,674 --> 00:19:38,077
The main motivation of
immigrant investors in this
373
00:19:38,110 --> 00:19:39,778
is the green card.
374
00:19:39,812 --> 00:19:41,690
They want to be able to move
to the United States.
375
00:19:41,714 --> 00:19:44,483
Narrator:
Dargey lures EB-5 investors
376
00:19:44,516 --> 00:19:46,685
with glossy
promotional materials
377
00:19:46,719 --> 00:19:49,822
for a huge project
in Everett, Washington.
378
00:19:49,855 --> 00:19:52,033
He calls it
the "farmer's market,"
379
00:19:52,057 --> 00:19:54,035
an inviting mixed-use building
380
00:19:54,059 --> 00:19:58,063
of apartments,
retail space, and a hotel.
381
00:19:58,097 --> 00:20:01,600
The estimated cost to build
is $50 million,
382
00:20:01,633 --> 00:20:05,938
and Dargey plans to raise most
of that from Chinese investors.
383
00:20:05,971 --> 00:20:07,506
He built the argument
384
00:20:07,539 --> 00:20:09,975
that he needed to go
to China for a month.
385
00:20:10,009 --> 00:20:13,779
I would ask him how,
"Who do you know in China?"
386
00:20:13,812 --> 00:20:16,148
This guy had three contacts
in China.
387
00:20:16,181 --> 00:20:20,119
He dropped himself in China
and built an empire.
388
00:20:20,152 --> 00:20:22,187
Narrator: Dargey gets the ball
rolling in China
389
00:20:22,221 --> 00:20:26,091
by paying fees to
Chinese migration agents
390
00:20:26,125 --> 00:20:29,194
who connect him to a steady
stream of prospects,
391
00:20:29,228 --> 00:20:33,632
people with dreams of
immigration just like his.
392
00:20:33,666 --> 00:20:35,100
He speaks Mandarin,
393
00:20:35,134 --> 00:20:37,836
so he can communicate
directly with investors,
394
00:20:37,870 --> 00:20:39,147
and he got them very interested,
395
00:20:39,171 --> 00:20:42,508
because he had
a great story to tell.
396
00:20:42,541 --> 00:20:46,278
Narrator:
Federal prosecutors see
things a little differently.
397
00:20:46,311 --> 00:20:49,848
We felt that Mr. Dargey
used his immigration status
398
00:20:49,882 --> 00:20:52,818
as a tool to help him
enable his fraud.
399
00:20:52,851 --> 00:20:55,788
And knowing that their dreams
were similar to his dreams,
400
00:20:55,821 --> 00:20:59,091
he took advantage of that
to make money for himself.
401
00:20:59,124 --> 00:21:01,894
We are really excited
to build this...
402
00:21:01,927 --> 00:21:05,164
Narrator:
Dargey's sales pitch is great,
403
00:21:05,197 --> 00:21:07,933
but it's riddled
with false claims.
404
00:21:07,966 --> 00:21:10,769
He was offering
a green card guarantee.
405
00:21:10,803 --> 00:21:13,172
What he was promising people
in all different ways
406
00:21:13,205 --> 00:21:16,642
in his written materials is that
if they invested with him,
407
00:21:16,675 --> 00:21:19,845
he would get them permanent
residency in this country.
408
00:21:19,878 --> 00:21:21,547
And there's just no way
that Mr. Dargey
409
00:21:21,580 --> 00:21:23,058
could have guaranteed
a green card,
410
00:21:23,082 --> 00:21:26,118
because that is given
by the U.S. government.
411
00:21:26,151 --> 00:21:28,654
Narrator: But the lure
of Dargey's life story
412
00:21:28,687 --> 00:21:33,892
and his so-called green card
guarantee is powerful.
413
00:21:33,926 --> 00:21:38,897
In March 2012, Dargey bags
his first Chinese investor,
414
00:21:38,931 --> 00:21:43,535
and promptly begins playing
fast and loose with their money.
415
00:21:43,569 --> 00:21:47,082
Days after receiving that very
first check from an investor,
416
00:21:47,106 --> 00:21:49,008
he was spending the money
not on the projects
417
00:21:49,108 --> 00:21:50,943
he was supposed to be
spending them on,
418
00:21:50,976 --> 00:21:54,146
but on his own personal projects
that were running out of money
419
00:21:54,179 --> 00:21:56,548
and that he was
trying to salvage.
420
00:21:56,582 --> 00:21:58,751
Narrator:
Dargey illegally diverts
421
00:21:58,784 --> 00:22:02,921
$306,000 of that first
$500,000 investment
422
00:22:02,955 --> 00:22:04,690
to other uses,
423
00:22:04,723 --> 00:22:07,926
especially the loan surrounding
his Kirkland property
424
00:22:07,960 --> 00:22:09,762
and his mounting legal bills,
425
00:22:09,795 --> 00:22:13,599
which now exceed
a quarter million dollars.
426
00:22:13,632 --> 00:22:15,334
Arnold:
We found pretty early on that
427
00:22:15,367 --> 00:22:17,045
Mr. Dargey's Kirkland project
428
00:22:17,069 --> 00:22:19,238
had created
significant issues for him.
429
00:22:19,271 --> 00:22:22,641
We also saw him spending a lot
of money on personal items,
430
00:22:22,675 --> 00:22:24,076
and so we had concerns,
431
00:22:24,109 --> 00:22:26,111
because there was
a very significant risk
432
00:22:26,145 --> 00:22:29,081
that he was personally profiting
from this fraud as well.
433
00:22:29,114 --> 00:22:31,784
Narrator: Lobsang Dargey has
flipped the script
434
00:22:31,817 --> 00:22:33,919
on his life story.
435
00:22:33,952 --> 00:22:35,721
The country that once
oppressed him
436
00:22:35,754 --> 00:22:39,224
is now bankrolling
his American dream.
437
00:22:39,258 --> 00:22:42,961
Over the next six months,
he raises $41 million
438
00:22:42,995 --> 00:22:45,731
from 82 Chinese investors,
439
00:22:45,764 --> 00:22:50,903
and an additional $3.7 million
in development fees.
440
00:22:50,936 --> 00:22:52,771
And while most of
the Chinese capital
441
00:22:52,805 --> 00:22:55,841
is actually going to
build the farmer's market,
442
00:22:55,874 --> 00:23:01,880
in the EB-5 game it's got
to be all or it's nothing.
443
00:23:01,914 --> 00:23:03,792
So the main requirement
is that all of the money
444
00:23:03,816 --> 00:23:05,684
had to stay in the project,
445
00:23:05,718 --> 00:23:08,654
so anytime that the promoter,
like Mr. Dargey in this case,
446
00:23:08,687 --> 00:23:11,924
would divert that money
to either his own projects
447
00:23:11,957 --> 00:23:14,035
or his own personal spending,
448
00:23:14,059 --> 00:23:17,796
that would mean that the capital
contribution was misused
449
00:23:17,830 --> 00:23:19,798
and would have serious
negative consequences
450
00:23:19,832 --> 00:23:23,168
on the immigrant investor's
ability to get a green card.
451
00:23:23,202 --> 00:23:25,671
Narrator:
As investments pour in,
452
00:23:25,704 --> 00:23:29,708
Dargey's misuse
of the money multiplies.
453
00:23:29,742 --> 00:23:34,646
He even uses EB-5 funds to
purchase a $2.5 million mansion
454
00:23:34,680 --> 00:23:38,250
in Bellevue
for himself and his family.
455
00:23:38,283 --> 00:23:41,153
Agassi: You helping Daddy
cut the grass?
456
00:23:41,186 --> 00:23:44,356
At the time, his wife Tami
has no reason to doubt
457
00:23:44,390 --> 00:23:48,727
that Lobsang is anything other
than an all-American husband,
458
00:23:48,761 --> 00:23:50,896
father, and provider.
459
00:23:50,929 --> 00:23:53,298
Say,
"Thank you, Daddy."
460
00:23:53,332 --> 00:23:56,335
Agassi: I didn't care
how much he was raising.
461
00:23:56,368 --> 00:24:00,072
Buildings were being made.
He was doing his thing.
462
00:24:00,105 --> 00:24:02,241
When you ask
if my lifestyle improved,
463
00:24:02,274 --> 00:24:04,019
my lifestyle improved
for the fact
464
00:24:04,043 --> 00:24:07,046
that I didn't have to
worry about certain camps
465
00:24:07,079 --> 00:24:08,714
I wanted to put my kids in.
466
00:24:08,747 --> 00:24:11,026
But was I walking around
in designer clothes?
467
00:24:11,050 --> 00:24:15,754
No. He was. Not me. I was a mom.
468
00:24:15,788 --> 00:24:19,291
Narrator: But Dargey is now
providing for his own family
469
00:24:19,324 --> 00:24:23,328
by putting his investors
and their loved ones at risk.
470
00:24:23,362 --> 00:24:25,040
82 investor families
471
00:24:25,064 --> 00:24:27,866
could have their pending
green cards cancelled
472
00:24:27,900 --> 00:24:30,502
if Dargey's fraud is discovered.
473
00:24:30,536 --> 00:24:33,772
These investors put their trust
in Mr. Dargey
474
00:24:33,806 --> 00:24:35,274
to live the American dream.
475
00:24:35,307 --> 00:24:38,711
They had often sold
all of their assets in China,
476
00:24:38,744 --> 00:24:41,113
had moved to the U.S., had put
their children in school,
477
00:24:41,146 --> 00:24:44,983
had purchased a house here,
and were really relying upon him
478
00:24:45,084 --> 00:24:47,062
to do what he had promised
that he was going to do.
479
00:24:47,086 --> 00:24:49,488
And so he clearly made
the deliberate decision
480
00:24:49,521 --> 00:24:51,323
not to follow through
with that promise,
481
00:24:51,357 --> 00:24:54,860
but to instead put the money
in places that benefited him.
482
00:24:54,893 --> 00:24:58,497
Narrator: To say that the stakes
are high is an understatement,
483
00:24:58,530 --> 00:25:02,067
and they are about to
triple in scope.
484
00:25:02,101 --> 00:25:04,069
Next on "American Greed,"
485
00:25:04,103 --> 00:25:06,538
Lobsang Dargey's business
and his fraud
486
00:25:06,572 --> 00:25:09,742
grow to new heights.
487
00:25:09,775 --> 00:25:12,211
Agassi:
"Honey, I think I have to
buy a Bentley for clients."
488
00:25:12,244 --> 00:25:14,413
The next day, there's
a Bentley in my driveway.
489
00:25:14,446 --> 00:25:20,052
♪♪
490
00:25:23,600 --> 00:25:31,600
♪♪
491
00:25:33,410 --> 00:25:35,545
Narrator: Lobsang Dargey
is having no trouble
492
00:25:35,579 --> 00:25:36,947
recruiting investors
493
00:25:37,047 --> 00:25:39,549
for his first EB-5 funded
real estate project
494
00:25:39,583 --> 00:25:42,486
called the Farmer's Market.
495
00:25:42,519 --> 00:25:45,889
So he decides,
why not launch a second?
496
00:25:45,922 --> 00:25:48,759
Zlab: Lobsang brought up
the skyscraper subject...
497
00:25:48,792 --> 00:25:52,562
We were well into building
the farmer's market
498
00:25:52,596 --> 00:25:55,732
and then the thought of like,
"Hey, let's do a tower."
499
00:25:55,766 --> 00:25:57,901
[ Laughs ]
500
00:25:57,934 --> 00:26:00,771
Narrator: Dargey's promotional
materials for investors
501
00:26:00,804 --> 00:26:04,808
showcase his plans to build
a 41-story skyscraper
502
00:26:04,841 --> 00:26:06,877
in downtown Seattle.
503
00:26:06,910 --> 00:26:09,813
It's also named after
Potala Palace.
504
00:26:09,846 --> 00:26:12,916
He calls it Potala Tower.
505
00:26:13,016 --> 00:26:17,921
It's an undertaking that is both
hugely ambitious and risky.
506
00:26:18,021 --> 00:26:19,890
It's just
a much, more complicated,
507
00:26:19,923 --> 00:26:23,427
high-pressure situation,
and I warned Lobsang, just like,
508
00:26:23,460 --> 00:26:26,005
"Hey, we're going from minor
leagues to major leagues here.
509
00:26:26,029 --> 00:26:28,932
This is completely a step up,
510
00:26:29,032 --> 00:26:32,436
and um,
we're not ready for it yet."
511
00:26:32,469 --> 00:26:37,016
Narrator: The tower is budgeted
at $190 million.
512
00:26:37,040 --> 00:26:38,775
Dargey plans to fund the project
513
00:26:38,809 --> 00:26:40,911
mainly through
Chinese investors,
514
00:26:40,944 --> 00:26:44,781
while promising to invest
$30 million of his own capital.
515
00:26:44,815 --> 00:26:46,450
To attract investors,
516
00:26:46,483 --> 00:26:50,620
Dargey repeats his
Farmer's Market EB-5 playbook
517
00:26:50,654 --> 00:26:52,889
with another round
of trips to China,
518
00:26:52,923 --> 00:26:56,593
and he's traveling
in rarified air.
519
00:26:56,626 --> 00:26:59,096
Zlab: EB-5 investors
were not middle class Chinese.
520
00:26:59,129 --> 00:27:01,431
These are
the upper class of China.
521
00:27:01,465 --> 00:27:04,835
These people are entrepreneurs,
they're business owners,
522
00:27:04,868 --> 00:27:06,303
they're millionaires.
523
00:27:06,336 --> 00:27:08,005
They expect nice things.
524
00:27:08,038 --> 00:27:10,307
They don't go out
to a crummy restaurant.
525
00:27:10,340 --> 00:27:11,742
They don't expect
to get picked up
526
00:27:11,775 --> 00:27:14,988
in a smelly pickup truck
from a construction site.
527
00:27:15,012 --> 00:27:17,814
Narrator: If Dargey is going to
play with this crowd,
528
00:27:17,848 --> 00:27:20,317
he'll have to pay.
529
00:27:20,350 --> 00:27:23,820
He illegally pulls funds
out of the EB-5 accounts
530
00:27:23,854 --> 00:27:27,624
to spend lavishly
on his investors-to-be.
531
00:27:27,658 --> 00:27:31,495
He courts them with junkets
to Las Vegas casinos,
532
00:27:31,528 --> 00:27:34,731
elaborate dinners,
and the purchase of a Bentley
533
00:27:34,765 --> 00:27:37,134
for airport pickups and tours.
534
00:27:37,167 --> 00:27:38,835
Agassi: And he said,
535
00:27:38,869 --> 00:27:41,038
"Honey, I think I have
to buy a Bentley for clients.
536
00:27:41,071 --> 00:27:43,740
I can't send my driver
in the Range Rover."
537
00:27:43,774 --> 00:27:45,542
"Really, you're thinking
about that?"
538
00:27:45,575 --> 00:27:47,477
"Yeah." [ Scoffs ]
539
00:27:47,511 --> 00:27:50,023
And the next day, there's
a Bentley in my driveway.
540
00:27:50,047 --> 00:27:51,581
Narrator: This former monk
541
00:27:51,615 --> 00:27:54,051
who once didn't even
own a toothbrush
542
00:27:54,084 --> 00:27:58,955
is now closing deals
in his chauffeured $200,000 car.
543
00:27:59,056 --> 00:28:00,524
That was not a legitimate excuse
544
00:28:00,557 --> 00:28:01,968
to be spending the money
in that way.
545
00:28:01,992 --> 00:28:03,527
And so when he chose
to take money
546
00:28:03,560 --> 00:28:05,729
that was supposed to go
to create jobs
547
00:28:05,762 --> 00:28:07,764
and build these projects
and spend these
548
00:28:07,798 --> 00:28:10,434
on his own promotional
business expenses
549
00:28:10,467 --> 00:28:12,369
to try and get new investors,
550
00:28:12,402 --> 00:28:15,739
he was essentially
stealing from the project.
551
00:28:15,772 --> 00:28:21,545
Narrator:
Dargey raises $86 million
from 171 Chinese investors.
552
00:28:21,578 --> 00:28:25,449
But his promised contribution
of $30 million
553
00:28:25,482 --> 00:28:28,485
goes unfulfilled.
554
00:28:28,518 --> 00:28:33,724
In August 2014, Dargey holds
a ceremonial groundbreaking
555
00:28:33,757 --> 00:28:35,525
for the Potala Tower.
556
00:28:35,559 --> 00:28:37,594
[ Applause ]
557
00:28:37,627 --> 00:28:40,106
Reporter:
When crews broke ground on
this Belltown construction site,
558
00:28:40,130 --> 00:28:42,766
there was so much
pomp and circumstance,
559
00:28:42,799 --> 00:28:47,137
even the mayor and actor
Tom Skerritt were there.
560
00:28:47,170 --> 00:28:50,774
Narrator: Far removed from
the smoke of yak dung fires,
561
00:28:50,807 --> 00:28:54,020
Lobsang Dargey,
builder of a skyscraper,
562
00:28:54,044 --> 00:28:55,846
is rubbing elbows with players
563
00:28:55,879 --> 00:28:59,816
at the highest levels
of American power.
564
00:28:59,850 --> 00:29:02,886
But despite all
his success in America,
565
00:29:02,986 --> 00:29:04,788
he is still restless,
566
00:29:04,821 --> 00:29:09,660
haunted by nightmares from
his tormented past in Tibet.
567
00:29:09,693 --> 00:29:13,096
Agassi:
You're seeing somebody lose it
in the middle of the night.
568
00:29:13,130 --> 00:29:16,066
And I had no idea
what Lobsang was going through
569
00:29:16,099 --> 00:29:17,634
or what he was struggling with.
570
00:29:17,668 --> 00:29:19,979
It wasn't until many years later
571
00:29:20,003 --> 00:29:24,474
that he actually acknowledged
he's struggling with PTSD.
572
00:29:24,508 --> 00:29:27,711
Narrator: Dargey's nightmares
are well-founded.
573
00:29:27,744 --> 00:29:30,213
By now, he's diverted
nearly $17 million
574
00:29:30,247 --> 00:29:33,617
from the EB-5 accounts
to other projects,
575
00:29:33,650 --> 00:29:36,253
along with millions more
for perks
576
00:29:36,286 --> 00:29:42,059
like his mansion, his limousine,
and entertaining investors.
577
00:29:42,092 --> 00:29:44,127
On the shores
of Lake Washington,
578
00:29:44,161 --> 00:29:47,030
he's lost the Kirkland lawsuit.
579
00:29:47,064 --> 00:29:52,469
The chanting monks and crippling
legal fees were all for naught.
580
00:29:52,502 --> 00:29:56,640
And while he's come so far
and flown so high,
581
00:29:56,673 --> 00:29:59,142
he's about to crash.
582
00:29:59,176 --> 00:30:01,712
Up next on "American Greed,"
583
00:30:01,745 --> 00:30:05,649
Agassi: The FBI knocks on our
door and our world blew up,
584
00:30:05,682 --> 00:30:08,585
'cause I needed to know
if I was married to a criminal.
585
00:30:08,618 --> 00:30:10,120
Narrator: Want more "Greed"?
586
00:30:10,153 --> 00:30:12,990
Follow us on Instagram,
connect on Facebook,
587
00:30:13,023 --> 00:30:15,125
and listen to
the American Greed podcast
588
00:30:15,158 --> 00:30:17,494
wherever you get your podcasts.
589
00:30:17,527 --> 00:30:19,563
We'll be right back.
590
00:30:23,967 --> 00:30:31,967
♪♪
591
00:30:33,810 --> 00:30:37,681
Narrator: In the spring of 2015,
developer Lobsang Dargey
592
00:30:37,714 --> 00:30:40,784
is in the midst
of two massive projects
593
00:30:40,817 --> 00:30:44,988
under the federal government's
EB-5 program.
594
00:30:45,022 --> 00:30:49,159
Chinese nationals have invested
more than $120 million
595
00:30:49,192 --> 00:30:52,996
in the projects
in order to gain U.S. residency.
596
00:30:53,030 --> 00:30:55,932
This man was working all angles
597
00:30:55,966 --> 00:30:58,035
for anyone
who could benefit him.
598
00:31:03,040 --> 00:31:04,675
Narrator:
But the high-flying developer
599
00:31:04,708 --> 00:31:08,679
is beginning to pique
some suspicion in Seattle.
600
00:31:08,712 --> 00:31:11,281
Acting on a confidential tip,
federal authorities
601
00:31:11,315 --> 00:31:14,117
get a search warrant
for Dargey's bank records.
602
00:31:14,151 --> 00:31:17,521
They quickly find proof that
he's raiding the EB-5 accounts
603
00:31:17,554 --> 00:31:20,857
for unauthorized,
illegal spending.
604
00:31:20,891 --> 00:31:22,926
So as we started to look
through the bank records,
605
00:31:22,959 --> 00:31:25,195
we noticed that there were
a large number
606
00:31:25,228 --> 00:31:28,899
of cash withdrawals at casinos,
which was a red flag,
607
00:31:28,932 --> 00:31:30,834
because that's not
what you typically expect
608
00:31:30,867 --> 00:31:33,537
to see in a business account.
609
00:31:33,570 --> 00:31:36,073
And then we also saw
that money was being diverted
610
00:31:36,106 --> 00:31:39,710
for the personal purchase
of Mr. Dargey's house.
611
00:31:39,743 --> 00:31:42,212
Narrator: To fill shortfalls
in his EB-5 accounts,
612
00:31:42,245 --> 00:31:44,314
Dargey falsifies
a bank statement
613
00:31:44,348 --> 00:31:48,285
to qualify for
a $25 million loan.
614
00:31:48,318 --> 00:31:50,821
He needed to show that he had
a certain amount of liquidity.
615
00:31:50,854 --> 00:31:54,725
And to do that, he doctored
an HSBC bank statement
616
00:31:54,758 --> 00:31:57,070
to the tune of over $9 million,
617
00:31:57,094 --> 00:32:00,897
when in reality, the account
had about $440,000 in it.
618
00:32:00,931 --> 00:32:02,366
And there's really just...
619
00:32:02,399 --> 00:32:06,012
There's no way to defend
falsifying a bank statement.
620
00:32:06,036 --> 00:32:09,639
Narrator: By now, Dargey's
finances are in freefall
621
00:32:09,673 --> 00:32:12,242
and all the stress is finally
catching up with him.
622
00:32:12,275 --> 00:32:13,777
[ Phone dialing ]
623
00:32:13,810 --> 00:32:16,613
Agassi:
I saw mental decline, big time.
624
00:32:16,647 --> 00:32:18,291
[ Indistinct
phone conversation ]
He was so chaotic.
625
00:32:18,315 --> 00:32:19,950
There was a time when I
626
00:32:20,050 --> 00:32:22,619
only spoke to him
first thing in the morning.
627
00:32:22,653 --> 00:32:26,390
The rest of the day
was me hanging up on him.
628
00:32:26,423 --> 00:32:29,593
"Call me back when
you're coherent." Click.
629
00:32:29,626 --> 00:32:31,762
[ Dial tone ]
630
00:32:31,795 --> 00:32:35,899
♪♪
631
00:32:35,932 --> 00:32:40,237
Narrator: In the dawn's early
light of August 25th, 2015,
632
00:32:40,270 --> 00:32:42,172
Lobsang Dargey's American dream
633
00:32:42,205 --> 00:32:45,108
officially becomes
a waking nightmare
634
00:32:45,142 --> 00:32:48,278
when federal investigators
arrive at his doorstep.
635
00:32:48,312 --> 00:32:50,314
Agassi: So Lobsang's sleeping.
636
00:32:50,347 --> 00:32:55,919
I'm up early with the twins,
and the FBI knocks on our door.
637
00:32:55,952 --> 00:32:58,188
Mr. Dargey came out
in his underwear.
638
00:32:58,221 --> 00:32:59,923
We told him to put
some clothes on,
639
00:33:00,023 --> 00:33:02,793
and then we sat down and tried
to talk to Mr. Dargey.
640
00:33:02,826 --> 00:33:05,095
Agassi: And I watched him
defend himself for
641
00:33:05,128 --> 00:33:08,007
maybe 45 minutes, an hour,
642
00:33:08,031 --> 00:33:10,400
'cause I needed to know
if I was married to a criminal!
643
00:33:10,434 --> 00:33:11,935
Moran: He said he was allowed
644
00:33:12,035 --> 00:33:14,304
to take all this money
as developer fees,
645
00:33:14,338 --> 00:33:18,342
the loans between the entities
with EB-5 money was allowed.
646
00:33:18,375 --> 00:33:20,944
Everything was disclosed.
647
00:33:21,044 --> 00:33:24,848
He literally said to her,
"I'm happy to work with you.
648
00:33:24,881 --> 00:33:27,851
Come back on Friday
after my investors leave,
649
00:33:27,884 --> 00:33:29,453
and I will show you everything."
650
00:33:29,486 --> 00:33:31,455
And she said,
"That's not gonna happen.
651
00:33:31,488 --> 00:33:33,190
You need a criminal attorney."
652
00:33:34,491 --> 00:33:36,326
Our world blew up.
653
00:33:36,360 --> 00:33:39,196
Narrator: That same day,
investigators have a court order
654
00:33:39,229 --> 00:33:41,865
to freeze Dargey's assets,
655
00:33:41,898 --> 00:33:46,336
and the FBI executes search
warrants at his two offices.
656
00:33:46,370 --> 00:33:49,806
Men and women
in FBI windbreakers everywhere,
657
00:33:49,840 --> 00:33:52,409
pulling computers off desks
and shoving stuff in boxes.
658
00:33:52,442 --> 00:33:54,244
It was very scary.
659
00:33:54,277 --> 00:33:58,949
There was probably 15 FBI agents
looking at you,
660
00:33:58,982 --> 00:34:01,151
wondering what you did wrong.
661
00:34:01,184 --> 00:34:02,886
So I just kind of like,
stand in a corner
662
00:34:02,919 --> 00:34:04,130
with some of
the other consultants
663
00:34:04,154 --> 00:34:05,422
that were sharing that space
664
00:34:05,455 --> 00:34:08,859
They're like,
"What's going on here?"
665
00:34:08,892 --> 00:34:12,863
Narrator: Dargey's employees are
rattled by the FBI searches,
666
00:34:12,896 --> 00:34:17,901
but investigators conclude that
he alone orchestrated the fraud.
667
00:34:17,934 --> 00:34:21,872
Moran:
Mr. Dargey was the only person
who knew the entire story.
668
00:34:21,905 --> 00:34:25,275
He kept most employees
in their specific areas,
669
00:34:25,308 --> 00:34:27,210
and they didn't know
the whole picture.
670
00:34:27,244 --> 00:34:31,248
Reporter: At issue is the man
who owns this Bellevue house.
671
00:34:31,281 --> 00:34:32,916
The SEC has filed a complaint
672
00:34:32,949 --> 00:34:34,751
and is seeking
a restraining order
673
00:34:34,785 --> 00:34:38,221
alleging Dargey bilked
250 Chinese investors
674
00:34:38,255 --> 00:34:40,824
out of millions of dollars.
675
00:34:40,857 --> 00:34:42,326
Narrator:
With his assets frozen,
676
00:34:42,359 --> 00:34:46,496
all of Dargey's company
activities abruptly cease.
677
00:34:46,530 --> 00:34:48,041
Dozens of construction
678
00:34:48,065 --> 00:34:51,735
and development personnel
drop everything.
679
00:34:51,768 --> 00:34:54,905
Reporter: Today we found just
three workers on site
680
00:34:54,938 --> 00:34:59,910
after legal papers have put the
41-story Potala Tower in limbo.
681
00:35:00,010 --> 00:35:01,378
Boom, they just shut it down.
682
00:35:01,411 --> 00:35:03,280
All the equipment on site
was just frozen.
683
00:35:03,313 --> 00:35:05,215
There were leases
on that equipment.
684
00:35:05,248 --> 00:35:07,060
Erickson: I was in charge of
paying every single bill
685
00:35:07,084 --> 00:35:08,852
for all the buildings.
686
00:35:08,885 --> 00:35:11,188
I couldn't pay anybody.
I couldn't pay payroll.
687
00:35:11,221 --> 00:35:16,059
I couldn't pay payroll taxes.
I couldn't do anything.
688
00:35:16,093 --> 00:35:18,195
Narrator: And even worse
for the investors,
689
00:35:18,228 --> 00:35:21,007
the EB-5 status of both
the Farmer's Market
690
00:35:21,031 --> 00:35:24,568
and Tower projects are revoked.
691
00:35:24,601 --> 00:35:27,437
For 253 investor families,
692
00:35:27,471 --> 00:35:30,507
the dream of permanent
American residency
693
00:35:30,540 --> 00:35:34,077
is suddenly in extreme peril.
694
00:35:34,111 --> 00:35:37,848
There was a significant fear
from each of the investors
695
00:35:37,881 --> 00:35:40,083
they would be asked to
leave the country immediately.
696
00:35:40,117 --> 00:35:42,152
They would be deported.
697
00:35:42,185 --> 00:35:45,188
Narrator: Investigators
total up the loss to investors
698
00:35:45,222 --> 00:35:49,226
at a whopping $24 million.
699
00:35:49,259 --> 00:35:52,963
Four months later,
Dargey is under extreme duress.
700
00:35:53,063 --> 00:35:55,298
He suffers
a violent nervous breakdown
701
00:35:55,332 --> 00:35:59,403
and attempts to ingest
a pile of pills.
702
00:35:59,436 --> 00:36:02,472
Agassi: He was sitting on
the couch, starting to rock,
703
00:36:02,506 --> 00:36:05,042
felt his whole-body itching.
704
00:36:05,075 --> 00:36:08,178
"Hold me, hold me, hold me."
He's rocking. He's rocking.
705
00:36:08,211 --> 00:36:11,181
Eyes glossed over like a zombie.
706
00:36:11,214 --> 00:36:13,884
The next thing I knew,
he walked back to the bedroom
707
00:36:13,917 --> 00:36:16,887
and just started downing pills.
708
00:36:16,920 --> 00:36:18,255
[ Police radio chatter ]
709
00:36:18,288 --> 00:36:21,058
I called 911
and he got put in the cop car
710
00:36:21,091 --> 00:36:23,493
and he was hallucinating.
711
00:36:23,527 --> 00:36:25,829
He thought he was
on his way back to China,
712
00:36:25,862 --> 00:36:28,131
that he was going
to prison in China.
713
00:36:28,165 --> 00:36:32,336
He got into the psych ward.
He saw things shooting at him.
714
00:36:32,369 --> 00:36:36,340
He was gone.
He was mentally gone.
715
00:36:36,373 --> 00:36:37,507
Dargey: No camera.
716
00:36:37,541 --> 00:36:39,476
Narrator:
Next on "American Greed,"
717
00:36:39,509 --> 00:36:43,413
the price of Dargey's fraud
becomes personal
718
00:36:43,447 --> 00:36:46,550
If I didn't have family
to help me and support me,
719
00:36:46,583 --> 00:36:48,285
we could've been homeless.
720
00:36:48,318 --> 00:36:53,290
♪♪
721
00:36:56,593 --> 00:37:04,593
♪♪
722
00:37:05,602 --> 00:37:10,707
Narrator:
After a severe mental breakdown
and weeks in psychiatric care,
723
00:37:10,741 --> 00:37:15,178
Seattle developer Lobsang Dargey
returns to relative health,
724
00:37:15,212 --> 00:37:16,513
but he still has to face
725
00:37:16,546 --> 00:37:20,384
the magnitude
of his business crimes.
726
00:37:20,417 --> 00:37:23,086
I didn't meet Lobsang
before the SEC
727
00:37:23,120 --> 00:37:25,389
came knocking at his door
with the FBI.
728
00:37:25,422 --> 00:37:29,393
I'm sure that prior to that day,
he was a force of nature.
729
00:37:29,426 --> 00:37:32,763
The Lobsang that I met
was more reserved
730
00:37:32,796 --> 00:37:35,699
and in many, respects defeated.
731
00:37:35,732 --> 00:37:38,435
Narrator: Bradley Sher
led an effort to take over
732
00:37:38,468 --> 00:37:41,304
development of
Dargey's EB-5 projects
733
00:37:41,338 --> 00:37:44,474
and save them
from total collapse.
734
00:37:44,508 --> 00:37:46,643
To help cover
the $24 million dollar loss
735
00:37:46,677 --> 00:37:48,812
he's foisted on his investors,
736
00:37:48,845 --> 00:37:51,815
Dargey surrenders
his majority equity stake
737
00:37:51,848 --> 00:37:56,153
in both the Farmer's Market
and the Tower projects.
738
00:37:56,186 --> 00:37:57,654
He said his mission now
739
00:37:57,688 --> 00:38:00,324
is not to make any money
out of the project,
740
00:38:00,357 --> 00:38:04,161
but to make sure that
the EB-5 investors were repaid
741
00:38:04,194 --> 00:38:05,796
and that they get
their green cards.
742
00:38:05,829 --> 00:38:07,197
Dargey: No camera!
743
00:38:07,230 --> 00:38:09,399
Reporter: Lobsang Dargey
refusing to talk
744
00:38:09,433 --> 00:38:11,568
as he left federal court.
745
00:38:11,601 --> 00:38:14,838
He had just agreed with the
U.S. attorney to plead guilty.
746
00:38:14,871 --> 00:38:18,608
Narrator:
Although he still claims
ignorance of his wrongdoing,
747
00:38:18,642 --> 00:38:22,245
Dargey pleads guilty
to charges of wire fraud
748
00:38:22,279 --> 00:38:25,182
and lying to
the U.S. government.
749
00:38:25,215 --> 00:38:28,852
While prosecutors seek
a prison sentence of 10 years,
750
00:38:28,885 --> 00:38:30,787
Dargey's family floods the judge
751
00:38:30,821 --> 00:38:33,724
with more than
70 letters of support
752
00:38:33,757 --> 00:38:39,796
from his friends, contractors,
and Tibetans all seeking mercy.
753
00:38:39,830 --> 00:38:42,532
Lobsang's former vice president
of construction,
754
00:38:42,566 --> 00:38:46,269
Joe Zlab,
submits one of those letters.
755
00:38:46,303 --> 00:38:49,573
I thought that there was kind of
an injustice being done to him.
756
00:38:49,606 --> 00:38:53,110
I believed that
if he had been warned,
757
00:38:53,143 --> 00:38:54,887
you know, with a strongly
worded letter from the SEC,
758
00:38:54,911 --> 00:38:56,446
"Hey, cut out what
you're doing,"
759
00:38:56,480 --> 00:38:57,814
he would have
cleaned up his act.
760
00:38:57,848 --> 00:38:59,816
People had accused him
of running a Ponzi scheme
761
00:38:59,850 --> 00:39:01,485
and it was like, no.
762
00:39:01,518 --> 00:39:02,695
He wasn't running
a Ponzi scheme.
763
00:39:02,719 --> 00:39:04,521
He was building buildings.
764
00:39:04,554 --> 00:39:07,324
Narrator: Prosecutors counter
Dargey's letters of support
765
00:39:07,357 --> 00:39:11,595
with letters of their own
from jilted Chinese investors
766
00:39:11,628 --> 00:39:14,631
who feel betrayed
by Dargey's fraud.
767
00:39:14,665 --> 00:39:16,800
Many of these were people
who had sold their homes,
768
00:39:16,833 --> 00:39:18,568
taken their kids out of school
769
00:39:18,602 --> 00:39:21,438
in preparation
to move to the United States.
770
00:39:21,471 --> 00:39:23,907
Many of them did move
to the United States,
771
00:39:24,007 --> 00:39:26,810
and then they received notices
from the government saying,
772
00:39:26,843 --> 00:39:28,645
"Your money was spent
improperly,
773
00:39:28,679 --> 00:39:32,716
and so we're planning
to cancel your application."
774
00:39:32,749 --> 00:39:35,252
Narrator: On August 4, 2017,
775
00:39:35,285 --> 00:39:38,689
Judge Robert Lasnik
takes pity on Dargey.
776
00:39:38,722 --> 00:39:42,359
Instead of 10 years, he gets 4.
777
00:39:42,392 --> 00:39:46,897
So he goes off to prison and
I'm left with 2-year-old twins
778
00:39:46,930 --> 00:39:51,301
and a 10-year-old, living off
the generosity of my brother.
779
00:39:51,335 --> 00:39:54,771
Narrator: Tami's brother, former
tennis champion Andre Agassi,
780
00:39:54,805 --> 00:39:57,841
keeps the family afloat.
781
00:39:57,874 --> 00:40:00,944
And while in prison,
Lobsang convinces Tami
782
00:40:00,978 --> 00:40:04,214
that divorce
is necessary to shield her
783
00:40:04,247 --> 00:40:08,518
and their children from his
$24 million restitution.
784
00:40:08,552 --> 00:40:10,754
Agassi: And he said,
"We have to get divorced
785
00:40:10,787 --> 00:40:12,589
to protect you financially.
786
00:40:12,622 --> 00:40:13,957
We will go through
this together,
787
00:40:13,991 --> 00:40:15,759
but I don't want you to worry.
788
00:40:15,792 --> 00:40:19,730
I know how to make money.
I will pay back your family."
789
00:40:19,763 --> 00:40:23,533
Narrator:
While Lobsang does time,
his former EB-5 projects
790
00:40:23,567 --> 00:40:29,740
are completed by new developers
and their EB-5 status restored.
791
00:40:29,773 --> 00:40:32,209
As for the Chinese investors,
792
00:40:32,242 --> 00:40:34,711
the vast majority
are being made whole,
793
00:40:34,745 --> 00:40:39,616
with their investments recouped
and green cards awarded.
794
00:40:39,650 --> 00:40:42,919
The story would appear to be
on course for a happy ending
795
00:40:42,953 --> 00:40:47,591
when Lobsang earns an early
release from custody in 2020.
796
00:40:47,624 --> 00:40:51,995
But soon after he's in street
clothes, another shocker.
797
00:40:52,029 --> 00:40:55,899
Come to find out the moment
our divorce was final,
798
00:40:55,932 --> 00:40:58,802
this guy secretly gets married.
799
00:40:58,835 --> 00:41:02,539
Narrator: Turns out that divorce
wasn't just to protect Tami.
800
00:41:02,572 --> 00:41:08,278
It also freed him up to secretly
marry a wealthy Chinese woman.
801
00:41:08,312 --> 00:41:09,946
Agassi: It was diabolical.
802
00:41:10,047 --> 00:41:13,817
Had I known what this guy was
capable of or what he was doing,
803
00:41:13,850 --> 00:41:15,686
I wouldn't have been
visiting him.
804
00:41:15,719 --> 00:41:18,031
I wouldn't have
paid his legal fees.
805
00:41:18,055 --> 00:41:20,457
I wouldn't have done
any of this.
806
00:41:20,490 --> 00:41:22,859
Narrator: Lobsang Dargey
came from nothing
807
00:41:22,893 --> 00:41:26,697
and rose to extraordinary
heights of success.
808
00:41:26,730 --> 00:41:31,601
Wilkinson:
It was tragic that someone who
had come from difficult origins
809
00:41:31,635 --> 00:41:34,504
and understood the importance
of coming to this country
810
00:41:34,538 --> 00:41:36,773
and getting citizenship
and what that can mean,
811
00:41:36,807 --> 00:41:39,543
that he sort of turned that
on his head and exploited that.
812
00:41:39,576 --> 00:41:41,645
And when one of his projects
hit a snag,
813
00:41:41,678 --> 00:41:44,948
he just decided to defraud
all these immigrant investors
814
00:41:44,982 --> 00:41:47,651
who had placed not just
their money in his hands,
815
00:41:47,684 --> 00:41:50,454
but in fact, their whole future.
816
00:41:50,487 --> 00:41:53,523
Agassi: No one invested more
in Lobsang Dargey
817
00:41:53,557 --> 00:41:54,992
than his wife Tami.
818
00:41:55,092 --> 00:41:57,928
She gave him
16 years of her life
819
00:41:57,961 --> 00:42:01,732
and lost her assets
defending him in court.
820
00:42:01,765 --> 00:42:05,736
And now she believes that he
has taken all he can from her,
821
00:42:05,769 --> 00:42:10,016
and he is moving on
in more ways than one.
822
00:42:10,040 --> 00:42:13,610
So Lobsang has told me
he doesn't like this country.
823
00:42:13,644 --> 00:42:16,847
He never should have left Tibet
and he belongs back in Tibet.
824
00:42:16,880 --> 00:42:18,882
He's told other people I know
825
00:42:18,915 --> 00:42:22,719
he wants to go back to China
and do big business in China,
826
00:42:22,753 --> 00:42:25,722
and I believe firmly
that's what he's planning.
827
00:42:25,756 --> 00:42:29,559
He's actually far more
comfortable moving forward
828
00:42:29,593 --> 00:42:31,528
and looking forward.
829
00:42:31,561 --> 00:42:34,498
"I need to follow my karma
and let go and move on."
830
00:42:34,531 --> 00:42:39,803
Which means good luck
to me and the kids.
831
00:42:39,836 --> 00:42:42,072
Narrator: For now,
Lobsang and his new wife
832
00:42:42,105 --> 00:42:44,675
remain in the Seattle area.
833
00:42:44,708 --> 00:42:48,378
Tami won't be surprised
if the restless Seattle monk
834
00:42:48,412 --> 00:42:51,057
detaches from America
and vanishes
835
00:42:51,081 --> 00:42:56,062
into the same mountain mist
from which he came.
836
00:42:56,086 --> 00:42:59,890
Captions by VITAC...
837
00:42:59,923 --> 00:43:07,923
♪♪