SEC sues Utah EB-5 operator over $5 million of $18 million raised for a lake resort
The Securities and Exchange Commission alleges that Christofer Shurian and his entity Utah Regional Investment Fund, LLC raised $18 million between 2014 and 2020 in an EB-5 offering to Chinese investors for a resort in Garden City, Utah, and misappropriated approximately $5 million of it. The SEC says the money went on unapproved uses including a personal residence, a vacation home, personal credit card bills, vehicle purchases and a finder's fee to an entity that recruited EB-5 investors. The SEC filed its complaint in federal court in Utah on September 29, 2023. The charges are allegations, the defendants are presumed innocent unless a court finds otherwise, and this page found no outcome reported.
- Year
- 2023
- Where
- United States
- Outcome
- Ongoing
- Reported loss
- $5.0 million
- Victims
- Not stated in the sources
- Schemes
- EB-5 immigrant investor fraud
- Last reviewed
- 2026-10-19
The facts, as recorded
- The SEC filed its complaint on September 29, 2023 in the US District Court for the District of Utah, Case No. 1:23-cv-00106, against Shurian and Utah Regional Investment Fund, LLC, naming CCS of Utah, Inc. as a relief defendant.
- The SEC alleges that from 2014 through 2020 Shurian and URIF raised $18 million in an EB-5 offering to Chinese investors for the intended purpose of constructing a resort in Garden City, Utah.
- The SEC alleges they misappropriated approximately $5 million for unapproved uses such as Shurian's personal residence and a vacation home, personal credit card bills, vehicle purchases, and a finder's fee to an entity that recruited investors in the EB-5 program.
- The complaint charges violations of the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5.
- The SEC seeks permanent and conduct-based injunctions, disgorgement, prejudgment interest, civil penalties and an officer-and-director bar as to Shurian.
- The SEC thanked US Citizenship and Immigration Services for its assistance.
Why this case matters
It is the most recent of the documented cases, and it is different in kind: an allegation, not a conviction. It shows the pattern the earlier cases describe in a smaller project, and it names the uses the SEC says the money went to. Alongside a personal residence and credit card bills, the SEC’s list includes a finder’s fee paid to an entity that recruited investors.
What an SEC complaint is
An SEC complaint is the agency’s allegations, filed in court, not a finding. The SEC’s release says it seeks injunctions, disgorgement, civil penalties and an officer-and-director bar, and it is for the court to decide.
The caveat
Everything above is an allegation by the SEC. Shurian and Utah Regional Investment Fund are presumed innocent unless a court finds otherwise, and the SEC’s release does not report any ruling. This page looked for a later outcome and did not find one, so it does not say whether one exists. It does not state that any investor lost money beyond what the SEC alleges, and the $5 million figure is the SEC’s allegation of misappropriation, not a finding.
Sources
- SEC Charges EB-5 Operator with Securities Fraud. US Securities and Exchange Commission. Accessed 2026-10-19. Supports: Every fact above: the September 29, 2023 filing and case number, the $18 million raised from 2014 through 2020, the approximately $5 million alleged to have been misappropriated and its alleged uses, the claims, the relief sought and USCIS's assistance.