A. Eddy Zai

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February 13, 2012 | 12:24 PM | By Dan Bobkoff

Indicted Financier Was Behind International Investment in Cleveland

A. Eddy Zai

When the financial crisis hit four years ago, it threatened an ambitious mixed-use waterfront development in Cleveland’s moribund Flats area. Developer Scott Wolstein could no longer find credit.

Then, millions flowed in from an unexpected source: a group of foreign investors using an obscure immigration program called EB-5. The government gives visas to investors who invest in the US economy and create US jobs.

EB-5 was the main incentive for the Cleveland International Fund, which sought foreign investment to revitalize Cleveland. At the helm was A. Eddy Zai, an immigrant himself, who had success convincing others to invest in the Midwest.

Now, Zai is in big trouble. Last week, a federal indictment charged Zai with 34 counts related to bank fraud, according to the Plain Dealer. He’s accused of bilking a credit union of nearly $17 million in bad loans, and contributing to its collapse. Continue reading →

FILED UNDER: Communities, Jobs, A. Eddy Zai, Cleveland International Fund, eb-5, flats east bank, indictment
February 9, 2012 | 9:47 AM | By Dustin Dwyer

Midwest Memo: A Buyer For The Board Of Trade, A Budget That Takes A Bite Out Of Crime And A Cleveland Fund Carries On

An expensive building The Wall Street Journal reports that the historic Chicago Board of Trade building has found a buyer. The price tag? Between $150 and $180 million, according to the paper (subscription required).

Growing pains for Groupon Chicago-based Groupon reported quarterly earnings for the first time since becoming a public company, and Wall Street was not impressed.

The price of news Crain’s Chicago says the Chicago Tribune is considering a “creative way” to charge for its content online.

A Fund without its founder The Cleveland International Fund has helped get a number of revitalization projects done in the city in recent years. Now, the Cleveland Plain Dealer reports the group is trying to carry on despite the indictment of its founder and leader.

Taking a bite out of crime Michigan governor Rick Snyder unveils his budget proposals today. Partner station Michigan Radio has a look at what’s expected to be in the budget, including an extra $45 million to fight crime. The Wall Street Journal says the new spending is meant to take on the state’s “deadly cities.”

Struggling schools A new report says Michigan schools face “alarming and persistent” problems, and it’s falling behind other states in education, according to MLive.

A dining destination reborn The Detroit Free Press has a great writeup of the history and rebirth of the city’s London Chop House, which was once considered among the top restaurants in the country.

Say it ain’t so Organizers have canceled a sled dog race in northern Michigan because of a lack of snow.

FILED UNDER: Midwest Memo, A. Eddy Zai, Board of Trade, Chicago, Chicago Board of Trade, Chicago Tribune, Cleveland International Fund, Groupon, London Chop House, Rick Snyder, schools, sled dogs