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发帖数: 11530 | 1 U.S. Warns of EB-5 Visa Program Scams
Commercial News » North America Edition | By WPC Staff | October 22,
2013 8:37 AM ET
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The Securities and Exchange Commission is warning international investors of
potential scams offered through the EB-5 visa program, which presents
investors in qualified projects a path to a residency visa.
The program is popular with property developers, who see EB-5 as a way to
attract foreign investors. But the SEC and the U.S. Citizenship and
Immigration Services are prosecuting companies that allegedly abused the
system.
The SEC is "aware of investment scams targeting foreign nationals who seek
to become permanent lawful U.S. residents through the Immigrant Investor
Program ("EB-5")," the agencies reported. "In close coordination with USCIS,
which administers the EB-5 program, the SEC has taken emergency enforcement
action to stop allegedly fraudulent securities offerings made through EB-5."
Under the EB-5 program, which was first developed in 1990, investors can
earn a fast-track path to a residency visa if they invest $1 million in a
job-creating commercial enterprise, or $500,000 in a "targeted employment
area."
In Chicago, the SEC alleges the promoter of the "world's first zero carbon
emission platinum LEED certified hotel and conference center" used false and
misleading information to solicit investors. The complaint charges the
developer with a "$156 million investment fraud," including allegations that
the individual falsely claimed that the project had received necessary
permits and had received backing from major hotel chains.
The SEC is also prosecuting a case in Texas, where they allege the creators
of a regional center falsely promised returns of 5 percent on their
investment and started marketing the project before the business was
designated as a regional center. The defendants also misused investor funds
on personal projects, including the funding for a Cajun-themed restaurant,
the complaint alleges.
"The fact that a business is designated as a regional center by USCIS does
not mean that USCIS, the SEC, or any other government agency has approved
the investments offered by the business, or has otherwise expressed a view
on the quality of the investment," the SEC warns. "The SEC and USCIS are
aware of attempts to misuse the EB-5 program as a means to carry out
fraudulent securities offerings." |
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