This Buddhist Monk Turned Fraudster Went To Prison For Scamming Over 200 Investors And Now Owes Them $24 Million
The tale of a former Buddhist monk turned fraudster is one that defies traditions and expectations. Lobsang Dargey built a real estate empire after arriving in the United States, but his lucrative business came crashing down when his schemes were revealed. He used his reputation as a former monk to scam over 200 Chinese investors out of millions of dollars.
Dargey was sentenced to prison in 2017. He pled guilty to conspiracy to commit wire fraud and for concealing information from the United States. At his sentencing, he vowed to do all that he could to make things right for the people he lied to.
He served the majority of his sentence at a low-security prison in Lompoc, California. He was transferred to Seattle for the last stretch of his time. Dargey was released from custody in 2020 and now owes $24 million to the investors he defrauded.
Generally, monks are regarded as figures of moral integrity and spiritual enlightenment. They are highly respected and trusted within their community. So, how did a man with such a humble background end up in the middle of such a shocking financial scandal?
Dargey grew up in a remote Tibetan village. He was the son of poor barley and potato farmers. At the age of 13, he began studying to be a monk.
In the 1990s, political turmoil befell Tibet. He tried to escape twice across the Himalayan Mountains. The second attempt was successful. He, along with a small group, made it to Dharamshala in north India after running from Chinese police on foot for hundreds of miles.
For a few years, he was in charge of finances at a monastery. Then, in 1997, he immigrated to the United States, settling in Seattle. He married Tami Agassi, the sister of the renowned tennis star Andre Agassi.
With her money and connections, he began building his real estate empire. He purchased rundown buildings and oversaw their renovations. His wife’s name was what really helped him lure in investors.
In 2012, red flags were raised when Dargey led the construction of a 220-unit apartment complex with an indoor farmer’s market on the ground floor that was open year-round. He used a federal aid program, EB-5, as one of the ways to finance the project.
andreyphoto63 – stock.adobe.com – illustrative purposes only
The program enticed Chinese investors because it promised them residency in the United States if they invested $545,000. He also received $110 million from investors to erect a 40-story skyscraper.
Dargey presented himself as someone who was funding these developments with his own money, but in reality, he was taking cash from his investors.
According to federal prosecutors, he forged bank statements to cover up the millions of dollars he stole. In total, he received over $240 million from investors.
The prosecutors stated that Dargey had robbed many immigrant investors of their opportunities to obtain American citizenship, as they had spent all their money to invest in his companies.
Dargey’s defense argued that his decision-making was affected by the trauma he experienced back in China.
Psychological exams were conducted on him, and they revealed that he was living with post-traumatic stress, as well as an attention disorder.
Still, he was convicted for his crimes. Currently, he is out on parole and was even hired back into the real estate development business.
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