DTLA Development Is a Focus of FBI Corruption Probe
The rapid transformation of downtown Los Angeles’ skyline is being fueled in good measure by huge investments from Chinese companies eager to burnish their global brands and capitalize on L.A.’s real estate boom.
Now some of those projects have become a focus of federal agents seeking evidence of possible bribery, extortion, money laundering and other crimes as part of a corruption investigation at City Hall.
Federal investigators have cast a wide net for information about foreign investment in Los Angeles real estate development, according to a search warrant that names an array of political and business figures.
Among those named are executives of Chinese firms bankrolling two ambitious downtown projects that would result in three new towers on Figueroa Street. Investigators are also seeking records about L.A. development projects involving other foreign investors, including firms with large-scale hotel and residential projects in downtown.
Read the full story on LATimes.com.
Source: “Los Angeles” – Google News