Christofer Shurian; Utah Regional Investment Fund LLC; CCS of Utah, Inc.
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 25875 / September 29, 2023
Securities and Exchange Commission v. Utah Regional Investment Fund, LLC, Christofer Shurian, CCS of Utah, Inc. No. 1:23-cv-00106 (D. Utah filed September 29, 2023)
SEC Charges EB-5 Operator with Securities Fraud
The Securities and Exchange Commission today announced that it charged a Utah man and an entity he controlled with committing fraud by siphoning away millions of dollars of investor funds for personal use and to pay finder’s fees rather than investing it as promised to create U.S. jobs through the EB-5 Immigrant Investor Program.
The SEC alleges that from 2014 through 2020, Christofer Shurian and his entity Utah Regional Investment Fund, LLC (“URIF”) raised $18 million in an EB-5 offering to Chinese investors for the intended purpose of constructing a resort in Garden City, Utah. Shurian and URIF allegedly misappropriated approximately $5 million for unapproved uses such as the purchase of Shurian’s personal residence and a vacation home, personal credit card bills, vehicle purchases, and to pay a finder’s fee to an entity that recruited investors in the EB-5 program.
The SEC’s complaint, filed in the United States District Court for the District of Utah, charges Shurian and URIF with violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934. The SEC has also named CCS of Utah, Inc. as a relief defendant. The SEC seeks permanent and conduct-based injunctions, disgorgement, prejudgment interest, civil penalties, and an officer-and-director bar as to Shurian.
The SEC’s investigation was conducted by Laurie Abbott under the supervision of Tracy Combs, both of the SEC’s Salt Lake Regional Office. The SEC’s litigation is being led by Troy Flake, Casey Fronk, and Michael Welsh. The SEC wishes to thank the United States Citizenship and Immigration Services for its assistance.