Bellevue-based investment firm iCap is facing financial and legal troubles after allegations of raising millions of dollars through unfulfilled promises for real estate projects. The Seattle Times reported that the firm, in operation for a decade, claimed to develop various properties in Washington but failed to deliver on their commitments according to lawsuits.
Investors, including Chinese nationals and immigrants, began experiencing issues this year when monthly interest payments stopped due to challenges in the real estate market. In August, a judge ordered halting property sales and use of investor funds which led iCap filing for Chapter 11 bankruptcy. Bankruptcy filings show that iCap owes millions both domestically and internationally.
The article “Seattle-Area Real Estate Firm Accused of Fraud” was originally published by Connect CRE.
