A man accused of misusing money related to the federal EB-5 program has pleaded not guilty to all charges.
Joop Bollen faces five class six felony charges of disposing of personal property subject to security interest. He’s accused of taking more than a million dollars from a program offering visas in return for investment money. Bollen pleaded not guilty to all five counts, and is requesting a trial by jury. He is currently out on bond.
Each felony charge carries a maximum punishment of two years in prison and or a four thousand dollar fine. Attorney General Marty Jackley says Bollen is presumed innocent until proven guilty.
Bollen ran the federal EB-5 program in South Dakota at the International Business Institute at Northern State University in Aberdeen. In 2009 the program switched to private administration through Bollen’s company, SDRC, Inc.
Bollen’s arraignment was in Aberdeen. That city was home to a failed beef plant that used EB-5 money.