PhoenixMart reclaims servers seized by FBI

AZ Sourcing has gone to court to get back six network servers seized by the FBI last week. The Phoenix Business Journal reported that PhoenixMart’s parent company filed an emergency motion to get back the servers one day after FBI agents searched its offices in Scottsdale and Casa Grande.  An FBI spokesman said it is routine … Read morePhoenixMart reclaims servers seized by FBI

Thumb Up: At last, action against errant developer Lily Zhong

IT’S ABOUT TIME!: Thanks to the Securities & Exchange Commission for taking action against Lily Zhong, the one-time would-be developer of Port St. Lucie’s City Center. The SEC has frozen Zhong’s U.S. assets, accusing her of bilking Chinese investors out of $8.5 million. Zhong jetted around the globe in search of investors for her EB-5 Immigration Investor Program, … Read moreThumb Up: At last, action against errant developer Lily Zhong

Funding delays movie theater project

One year ago, plans were unveiled for a new movie theater for Marion that would have at least six “state-of-the-art” screens combined with a family entertainment center featuring bowling, an arcade and an eatery. It would be located next to Big Lots in the empty portion of the old Walmart building. Since that announcement, the … Read moreFunding delays movie theater project

EXCLUSIVE: Chinese news media say PhoenixMart misled China investors

AZ Sourcing, parent company of PhoenixMart, allegedly misled Chinese investors, according to a Los Angeles immigration attorney quoted in a Chinese-language newspaper under the headline translated as “EB5 another scam? FBI raid Arizona region center”. The Epoch Times, published online in Chinese, picked up the Phoenix Business Journal’s Nov. 19 and 20 articles about the FBI … Read moreEXCLUSIVE: Chinese news media say PhoenixMart misled China investors

Capital Chat: Steve Klein of Gerson Preston

In this installment of Capital Chat, Steve Klein, partner at Gerson Preston, explains what the upcoming Dec. 11 deadline means for the EB-5 program. Capital Chat is a weekly column for Multi-Housing News and Commercial Property Executive in which top industry leaders give exclusive interviews where they share their insights on market trends, investment strategies … Read moreCapital Chat: Steve Klein of Gerson Preston

IIUSA Submits Comments on EB-5 Reauthorization Legislation

Industry trade association believes a bill can be ready for Congress to pass before the December 11 sunset date Invest in the USA (IIUSA), the non-for-profit industry association representing more than 290 EB-5 Regional Centers, has developed detailed comments on draft legislation reauthorizing the EB-5 Regional Center Program. The comments were submitted to the House … Read moreIIUSA Submits Comments on EB-5 Reauthorization Legislation

Immigration Moratorium: Chapter 2

  Immigration Moratorium Chapter 2: Expected Useful Lifetime of STEM Degree   1 million new STEM jobs projected by 2022, 5.9 million new American graduates will apply for them. by Steve Kritzer on November 24, 2015; Updated November 24, 2015 Subjects: Immigration moratorium, STEM, Employment, Education, temporary visa Source data by NSF/NCES In the previous … Read moreImmigration Moratorium: Chapter 2

Phoenixmart’s $10 million sewer line: City has spent $172K on project

Officials believe funds will help other development east of I-10 In the aftermath of PhoenixMart’s offices being searched by the FBI Thursday morning, some residents used social media to voice their worries of how it might stall the project.  One resident said the city of Casa Grande has wasted funds to initiate the project and that “the … Read morePhoenixmart’s $10 million sewer line: City has spent $172K on project

Senior Housing Finance Activity: Cushman & Wakefield, Ziegler

Cushman & Wakefield Arranges $53.4 Million in Construction Financing for LCB Senior Living Developments in Massachusetts Cushman & Wakefield Senior Housing Capital Markets, a global real estate services firm, has arranged $53.4 million loan in construction financing and joint venture equity for LCB Senior Living’s two senior housing developments in Massachusetts. The Residence at Vinnin Square … Read moreSenior Housing Finance Activity: Cushman & Wakefield, Ziegler

Statement of Senator Patrick Leahy (D-Vt.), Ranking Member, Senate Judiciary Committee, On the Need To Reform the EB-5 Regional Center Program

I have championed the EB-5 Regional Center program for many years. I have done so because I have seen its ability to generate investment and create jobs in distressed communities. But the program is facing some pressing challenges. Reports of rampant fraud and abuse raise serious concerns and threaten to cripple the program’s integrity. The … Read moreStatement of Senator Patrick Leahy (D-Vt.), Ranking Member, Senate Judiciary Committee, On the Need To Reform the EB-5 Regional Center Program

SEC freezes assets of EB-5 Asset Manager LLC and Alleged Fraudster Lin Zhong

For alleged EB-5 fraudster Lin Zhong there is a cold winter ahead. A deep freeze. As we expected when news of the case recently broke, the Securities and Exchange Commission (SEC) obtained a court order freezing Zhong’s assets as well as those of her company EB-5 Asset Manager LLC. It is alleged that under the guise of … Read moreSEC freezes assets of EB-5 Asset Manager LLC and Alleged Fraudster Lin Zhong

Immigration Moratorium; Chapter 1

Immigration Moratorium   Chapter 1: College Outcomes vs. Employment Growth by Steve Kritzer November 20th 2015Updated November 21st 2015 Subjects: Immigration moratorium, employment, college outcome, unemployment, H-1B,Green Card The high-skill immigration debate is turning toward stapling a Green Card to U.S. conferred degrees. (The globalists call them advanced degrees without any further specificity, so we’ll assume … Read moreImmigration Moratorium; Chapter 1

Receiver in Dargey case says Path America’s finances a mess

A court-appointed receiver says it’s difficult to know what happened to Path America investors’ money because the money trail leads to Dargey Development and other closely related entities he doesn’t control. Path America’s finances and business affairs are so intertwined with other companies controlled by former CEOLobsang Dargey that it’s impossible right now to know exactly where investors’ money went, … Read moreReceiver in Dargey case says Path America’s finances a mess

NES Financial’s Intelligent EB-5 Solution Selected by Florida Equity and Growth Fund Regional Center for Senior Living Facility Development

NES Financial announced today that it has been selected by Florida Equity and Growth Fund Regional Center to provide its leading EB-5 Escrow Administration Solution on the Regional Center’s current development in Tampa, FL. The EB-5 visa program, created in 1990, encourages investment into projects that stimulate U.S. job growth, while providing an opportunity for foreign nationals to … Read moreNES Financial’s Intelligent EB-5 Solution Selected by Florida Equity and Growth Fund Regional Center for Senior Living Facility Development

Washington DC Mayor Muriel Bowser Shows Appreciation for EB-5 Visa Program by

With the rise of China’s economic wealth and the expedient flow of global capital, Chinese investors are provided with many investment options with their capital. The US investment immigration program is popular among Chinese investors for its simplicity in application, and the intrinsic value it brings, but most of all, because it offers a better … Read moreWashington DC Mayor Muriel Bowser Shows Appreciation for EB-5 Visa Program by

This is where rich Chinese like to invest in real estate

Wealthy Chinese have snapped up properties in Hong Kong over the past decade, marking their first foray into the overseas property market. With many affluent Chinese families sending their children to universities overseas, buying property abroad is a sensible proposition. US gateway cities with large Chinese populations are their favorite. “The US market reacted quickly, … Read moreThis is where rich Chinese like to invest in real estate

Questions EB-5 Regional Centers Should Be Asking When Purchasing D&O Coverage

As the EB-5 program continues to expand and regional centers have attracted increasing attention from foreign investors seeking to become permanent lawful U.S. residents, there has been a corresponding increase in regulatory scrutiny of EB-5 investments. The increased attention has resulted in civil lawsuits brought by the Securities and Exchange Commission (SEC), and criminal prosecutions by … Read moreQuestions EB-5 Regional Centers Should Be Asking When Purchasing D&O Coverage

Casino presses its luck with tax financing plan

In a gaming pantheon bejeweled with mega-resorts, the Lucky Dragon Hotel & Casino won’t set records. But it remains an important development for the city of Las Vegas. Under construction on Sahara Avenue just west of Las Vegas Boulevard, the Lucky Dragon features a nine-story tower and more than 200 rooms above a casino that will cater … Read moreCasino presses its luck with tax financing plan

Measures indicate concerns in S.D.

If you listen to the governor’s chief of staff, you would think South Dakotans never have been more pleased with how state government has been operating. In fact, when Tony Venhuizen was informed that South Dakota received a grade of “F” from the State Integrity Investigation that examines government transparency and accountability in all 50 states, he … Read moreMeasures indicate concerns in S.D.

Citizenship Shopping For Affluent Investors

Citizenship shopping is a growing trend. Many wealthy individuals are looking around the globe for a “home” that will give them better passports and tax treatment. Can anyone become Canadian? Irish? Maltese? If you deal with high-net-worth clients, you’ll need to understand the issues involved. The motives for seeking citizenship can be complex. They include … Read moreCitizenship Shopping For Affluent Investors

United States: EB-5 Immigration Investment Projects And Effective Due Diligence Strategy For Wealthy Investors

Created in 1990 to boost job creation and capital investment in the US economy, the EB-5 immigrant investment program did not initially attract demand from wealthy investors. In 2007, INS authorities issued just 700 EB-5 visas, out of a total limit of 10,000 visas, to investors from all over the world. Demand was stagnant with … Read moreUnited States: EB-5 Immigration Investment Projects And Effective Due Diligence Strategy For Wealthy Investors

Bowser in China: D.C. mayor talks trade mission, FreshPAC controversy and ‘hard pivot’

Mayor Muriel Bowser’s week-long trade mission to China is coming to a close and there are tangible results to report, she said Friday, though those results may get lost in the ongoing FreshPAC controversy. Bowser, joined by former Mayor Anthony Williams, D.C. Councilman Jack Evans and D.C. Chief Financial Officer Jeff DeWitt, touted the visit … Read moreBowser in China: D.C. mayor talks trade mission, FreshPAC controversy and ‘hard pivot’

Northeast kingdom international airport runway christened

Officials cut the ribbon on a runway extension at the Northeast Kingdom International Airport in Coventry on Thursday, Nov. 12, 2015 It was raining and windy when Bill Stenger, his business partners and several state leaders cut the ribbon on a 1,000-foot runway extension at the newly renamed Northeast Kingdom International Airport on Thursday. Members of … Read moreNortheast kingdom international airport runway christened

Summary of Industry-Supported Reforms to the EB-5 Program

The EB-5 immigrant investor program administered by the USCIS is – for the second time this year – in need of congressional reauthorization in order to continue to operate. Over the past 5 years, CiF has used the EB-5 program to raise $220 million for job creating, catalytic investment projects in the Greater Cleveland area. However, if … Read moreSummary of Industry-Supported Reforms to the EB-5 Program

Achieving a record of 100% I-829 approvals in multiple CMB EB-5 investment partnerships is no easy task.

Last week, IIUSA (Invest In the USA – The trade organization for Regional Centers and others working in EB-5) held its 5th Annual EB -5 Market Exchange conference in Dallas, TX. During this event, CMB was honored with an award for its first I-829 approvals in our CMB Infrastructure Investment Group VII partnership. An I-829 approval grants the … Read moreAchieving a record of 100% I-829 approvals in multiple CMB EB-5 investment partnerships is no easy task.

December 2015 Visa Bulletin and Future Cutoff Date Predictions

The Department of State has released the Visa Bulletin for December 2015. The table below is a quick overview of the “Final Action (Approval)” cut-off dates and movement from the previous month, for the backlogged employment-based preferences. For all other categories, including family sponsored, please visit our Visa Bulletin Toolbox for more information. Chargeability Preference … Read moreDecember 2015 Visa Bulletin and Future Cutoff Date Predictions

Palm Desert breaks ground on $36M hotel on El Paseo

Construction is about to begin on Hotel Paseo, Palm Desert’s newest hotel and the first for its signature shopping district. City officials – including all five council members – were joined by business owners and others at the ceremonial groundbreaking for the 150-room, three-story Hotel Paseo on Friday morning. The hotel is unique not only … Read morePalm Desert breaks ground on $36M hotel on El Paseo

Yet Another EB-5 Promoter Swindles Alien Investors, This Time in Florida

It is getting to be a formula. Yet another EB-5 promoter has swindled millions from alien investors, presumably her fellow Chinese, and used the money to buy a yacht and a $100,000 Mercedes among other things, and the Securities and Exchange Commission (not DHS) has broken the case. This time the locale is Florida, the … Read moreYet Another EB-5 Promoter Swindles Alien Investors, This Time in Florida

Stenger says refund for disqualified investor is on the way

A foreign investor rejected from joining a development project in the Northeast Kingdom has waited four-and-a-half months for a refund. The developer of Q Burke Resort says the money is on the way and that this is the first time an EB-5 immigrant investor’s application has been turned down. Bill Stenger announces a $500 million investment in Northeast … Read moreStenger says refund for disqualified investor is on the way

Akerman Revenue Grows by 4 Percent, Profit by 8 Percent

Akerman reports a solid year with a 4 percent rise in gross revenue to $337 million and an 8 percent boost in net income to $130 million. While not as strong as the previous year’s revenue growth rate of 9 percent, the gain reflects a fifth year of growth and a return to pre-recession levels. The … Read moreAkerman Revenue Grows by 4 Percent, Profit by 8 Percent

Life is Larger than Fiction in EB-5 Litigation: SEC Moves For Asset Freeze, Accounting, and Receiver Appointment in Civil Fraud Action in Florida

What do a $175,000 Sea Ray yacht, a brand new $100,000 Mercedes Benz S-550 and a $55,000 BMW X5 SUV all have in common? According to the SEC, they were all items purchased by one Lin Zhong (a/k/a Lily Zhong) with money she fraudulently obtained from investors who were told that their funds were being invested … Read moreLife is Larger than Fiction in EB-5 Litigation: SEC Moves For Asset Freeze, Accounting, and Receiver Appointment in Civil Fraud Action in Florida

Feinstein calls for end to controversial EB-5 immigration program

Sen. Dianne Feinstein, D-Calif. speaks with reporters on Capitol Hill in Washington in June. The senator has called for an end to the controversial EB-5 regional center program that lets foreign nationals pay for green cards for themselves and their families. Sen. Dianne Feinstein has called for an end to the controversial EB-5 regional center … Read moreFeinstein calls for end to controversial EB-5 immigration program

Downtown hotel plan raises concerns from condo residents

Residents of Two City Plaza are resting easier. When they got wind that the city commission was about to approve a 14-story hotel next to their 22-story condo at 701 S. Olive Ave. downtown, they fired off angry calls and emails to the mayor and commissioners and girded for battle. But by Tuesday, West Palm … Read moreDowntown hotel plan raises concerns from condo residents

Q Burke contractor threatens to walk off job blames state

The general contractor for an EB-5 funded hotel and conference center development at Q Burke Resort says the state is holding up payments for completed work.  The general contractor in charge of building a resort hotel in the Northeast Kingdom said he’s caught in the crossfire between the project’s developers and state regulators, resulting in payment delays … Read moreQ Burke contractor threatens to walk off job blames state

The Strange Tale of a Flaky, Failing EB-5 Firm

We have previously reported that Seldon Technologies, Inc., an EB-5-funded firm in Vermont that briefly made water filters for Mexico-based Bebederos, went out of business abruptly, laying off all of its 32 employees. In June, Seldon had a grand ceremony with Sen. Pat Leahy (D-Vt.) present to announce that it had been awarded a $20 million contract … Read moreThe Strange Tale of a Flaky, Failing EB-5 Firm

Hard Rock Hotel planned near Falcons’ Mercedes-Benz Stadium

The famous three-pointed star adorns this rendering of the new Mercedes-Benz Stadium, which will be the $1.4 billion home of the Atlanta Falcons and Atlanta United.  Perhaps the second time will be the charm for a Hard Rock Hotel near downtown Atlanta. Hard Rock International and the city of Atlanta announced plans Monday for a … Read moreHard Rock Hotel planned near Falcons’ Mercedes-Benz Stadium