|Daugaard's office: State reaches settlement with SDRC
The Associated Press - March 15, 2017
PIERRE, S.D. — South Dakota has settled two civil lawsuits for roughly $1.5 million with a private company that handled the state's investment-for-visa program.
Gov. Dennis Daugaard's office said Tuesday the lawsuits sought to enforce the state's contract with SDRC Inc. and to recover expenses the Board of Regents incurred from a California arbitration case.
The governor's office says SDRC must immediately pay nearly $550,000 to the state, and another $81,000 by September 2019.
The state has separately recovered nearly $900,000 in indemnification funds owed by SDRC. An attorney for the company didn't immediately return a telephone message requesting comment.
Joop Bollen, who once led South Dakota's participation in the EB-5 visa program, recently reached an agreement with prosecutors in a financial misconduct case.