Congress Extends EB-5 for Another Week

Congress on Friday extended for a week the EB-5 immigration program, a way for rich foreigners to obtain green cards through investment in the United States, according to U.S. Citizenship and Immigration Services. The program that’s faced mounting scrutiny from lawmakers was set to expire but was saved—for now—in the nick of time as the government … Read moreCongress Extends EB-5 for Another Week

Chasing Chinese immigrant investment: SEC forces Boise man to repay $5 million, plus fine

One of the key men behind Idaho’s controversial overture to Chinese investors in 2007 agreed to pay back $5 million in investors’ funds that the Securities and Exchange Commission said he misappropriated. Boise miner and real estate developer Sima Muroff raised more than $140 million to create U.S. jobs through an immigrant-investor program that offered the possibility … Read moreChasing Chinese immigrant investment: SEC forces Boise man to repay $5 million, plus fine

Jay Peak Settlement Brings Down Profits in Raymond James’ Brokerage

Raymond James Financial announced record quarterly net revenue of $1.1 billion in its private client group, up 23 percent over the prior year quarter. Yet, the unit’s pre-tax income in the fiscal second quarter fell 65 percent year-over-year to $29.4 million, negatively impacted by a $150 million legal settlement during the quarter. The settlement involved an … Read moreJay Peak Settlement Brings Down Profits in Raymond James’ Brokerage

Extend the EB-5 foreign investor program that’s yielded millions for Cleveland jobs: editorial

Congress must act quickly to save the EB-5 program, the golden goose that has encouraged foreign investors to plow hundreds of millions into major development projects in Cleveland, such as the Flats East Bank housing, retail and entertainment district. Altogether, it’s meant an estimated $225 million in Cleveland investments. That’s a program worth preserving. The … Read moreExtend the EB-5 foreign investor program that’s yielded millions for Cleveland jobs: editorial

Whose Records? Public Information Law Can Be a Maze

The process of obtaining public records in Vermont is a maze of inconsistent standards and incomprehensible rulings. That’s the view of many journalists and advocates who seek such documents. “In our experience, it seems like some [officials] do not take their responsibility under the law seriously at all,” says Jay Diaz, attorney for the American … Read moreWhose Records? Public Information Law Can Be a Maze

America’s Immigrant Visas: What Future Holds For Chinese Investors

As the first 100 days of the Donald Trump presidency draw to a close, it has already become clear that US immigration reform is a priority. During his first weeks in office, Trump’s executive orders clamping down on travel to the US by citizens of a handful of Muslim-majority nations prompted widespread controversy, while last … Read moreAmerica’s Immigrant Visas: What Future Holds For Chinese Investors

Jay Peak’s Quiros Again Asserts Innocence, Lawyer Wants To ‘Cooperate’

Fresh on the heels of Raymond James Financial’s $150 million dollar settlement with Jay Peak Resort, owner Ariel Quiros has responded to related allegations.  Quiros still denies misusing upwards of $200 million dollars in foreign money through the federal EB-5 Immigrant Investment program. In a court filing last week, Quiros said he’s not the one responsible for … Read moreJay Peak’s Quiros Again Asserts Innocence, Lawyer Wants To ‘Cooperate’

Rich South Africans invest in green cards

According to information released by the United States Citizenship and Immigration Services (USCIS), South African demand for US EB-5 visas has more than doubled since 2014. The EB-5 investor visa allows visa holders to obtain a green card for themselves and their immediate family members by investing $500,000 into U.S. businesses provided they create a required … Read moreRich South Africans invest in green cards

Couple Must Repay $27M In EB-5 Cancer Center Fraud Scam

A California federal judge ruled on Thursday that a husband and wife netted in an EB-5 investor scheme must pay back nearly $27 million that they owe investors for planning a cancer treatment center that they never built.  Judge Cormac J. Carney said in a final judgment that he was granting the Securities and Exchange Commission’s motion … Read moreCouple Must Repay $27M In EB-5 Cancer Center Fraud Scam

Grassley Probes FBI’s EB-5 Fraud Allegations

Sen. Chuck Grassley is launching his own inquiry into an allegedly fraudulent EB-5 investor center, requesting more information Thursday from the U.S. Department of Homeland Security about a California attorney and her father accused of helping fugitives get visas through the program.  According to his letter to DHS head John Kelly, Grassley asked why Victoria Chan and … Read moreGrassley Probes FBI’s EB-5 Fraud Allegations

When is the March for Large-Scale Preregistered Replications?

Why are progressives calling this weekend’s demonstration the “March for Science”? Why not the “March for Equality,” or the “March for the Environment,” or even the “March for NIH Funding”? The reason, of course, is science-gilding, the covering of one’s ideological positions with the veneer of scientific objectivity. It’s very tempting. Ideological debates are messy … Read moreWhen is the March for Large-Scale Preregistered Replications?

SEC Says Cos. Can’t Escape EB-5 Fraud Scheme Suit

The U.S. Securities and Exchange Commission has urged a California federal judge not to allow two companies to ditch its suit accusing a businessman of misappropriating funds raised through the EB-5 immigrant investor program, saying the agency has already shown how each company he controlled was responsible.  The SEC in January accused Thomas M. Henderson and companies under his … Read moreSEC Says Cos. Can’t Escape EB-5 Fraud Scheme Suit

In EB-5 Rule Feedback, Higher Investments Spark Outcry

In recent feedback on potential reforms, the U.S. government got an earful against a proposal to raise the minimum contributions for the EB-5 immigrant investor program along with suggestions on ways to improve the program’s regional center aspect.   The comments, due by April 11, were submitted for a pair of notices aimed at updating … Read moreIn EB-5 Rule Feedback, Higher Investments Spark Outcry

IIUSA Publishes First-Ever Comparative Analysis Report on EB-5 TEA Policy Reform

EB-5 Industry’s First Comprehensive Analysis of Targeted Employment Area Reform Proposals Seeks to Educate and Inform Policy Discussions Earlier this month, Invest in the USA (IIUSA), the non-profit trade association of the EB-5 Regional Center industry, published the industry’s first-ever comprehensive comparative analysis of the potential impact of various proposals put forth to reform Targeted Employment … Read moreIIUSA Publishes First-Ever Comparative Analysis Report on EB-5 TEA Policy Reform

Future Cleveland development could be hit in crackdown on visas-for-cash program

A federal immigration program lets rich foreign families come to the United States and stay, as long as they invest $500,000 in job-creating economic development and pass background checks. The visa-for-cash program is supposed to help down-on-their-heels areas where banks and U.S. citizens might be reluctant to invest, and its promoters say it paid off … Read moreFuture Cleveland development could be hit in crackdown on visas-for-cash program

Mount Snow gets deadline extension for snowmaking upgrades

Vermont Natural Resources Board officials are giving Mount Snow an extra year to finish a snow-making upgrade fueled by $30 million in EB-5 foreign investment. The West Lake Water Project’s completion-deadline extension to October 2018 is further fallout from Mount Snow’s long wait for federal approval of its EB-5 money. Resort administrators still hope to have the … Read moreMount Snow gets deadline extension for snowmaking upgrades

Jay Peak Receiver Eyes Changes To EB-5’s Fraud Provisions

The EB-5 investor-visa program saw its largest-ever settlement last week — $150 million in the Jay Peak ski resort case — and the receiver for that matter, Akerman LLP‘s Michael Goldberg, told Law360 in a wide-ranging interview he’s hoping Congress will change the program to provide more relief to victims of fraud.  Goldberg, who has helped … Read moreJay Peak Receiver Eyes Changes To EB-5’s Fraud Provisions

Zenith Capital Receives USICS I-526 Approval for The Grange at Linden Senior Living

The United States Citizenship and Immigration Services (“USCIS”) has begun to issue I-526 Petition approval for EB-5 investors who invested in The Grange at Linden – a senior housing project developed by Zenith Capital in Seattle, Washington. In early April, five I-526 petitions submitted in Q3 2015 received approval from USCIS. The I-526 Petition approval marks the first step … Read moreZenith Capital Receives USICS I-526 Approval for The Grange at Linden Senior Living

Kushner-Trump business partner directed one of America’s worst charities

A visa broker who partnered with Jared Kushner to recruit Chinese investment for a Trump-branded tower also directed one of America’s worst charities. Florida businessman Nicholas Mastroianni II partnered in 2012 with Kushner Cos., where Kushner was CEO, to raise tens of millions of dollars from Chinese investors through a visa-for-sale program called EB-5. The money was … Read moreKushner-Trump business partner directed one of America’s worst charities

Raymond James to pay $150M to resolve fraud scheme

Raymond James Financial, a financial services company, has reached a $150 million settlement to resolve all investor claims that the firm engaged in a fraudulent scheme related to the federal EB-5 visa program, a U.S. government visa program through which foreign investors and their immediate families can obtain permanent residency green cards by making a … Read moreRaymond James to pay $150M to resolve fraud scheme

What President Trump Can Do About H-1B?

What President Trump Can Do About H-1B? The Secretary of Labor needs to consider available data. by weaver on Sunday November 13, 2016 Updated: Thursday February 9, 2017, 7:55am Subjects: Trump, H-1B, Secretary of Labor, Computer occupations, unemployment After a few days reviewing the law concerning H-1B and L-1 visas, I’m finding that the foreign … Read moreWhat President Trump Can Do About H-1B?

Fraud Case Leaves Heartache, And ‘Hole,’ In Newport Year Later

Newport residents were expecting a “game changer.” Instead, they have a chasm in the heart of this Northeast Kingdom city’s downtown, a visible reminder of dashed hopes for a project that turned out to be too good to be true. A year after state and federal investor fraud lawsuits were leveled against developers Ariel Quirosand Bill Stenger, … Read moreFraud Case Leaves Heartache, And ‘Hole,’ In Newport Year Later

Raymond James to Pay $150M to Settle Jay Peak Investor Claims

Raymond James Financial Inc. agreed to pay $150 million to settle a Miami federal class action brought by more than 850 EB-5 investors in the Jay Peak project. The St. Petersburg-based financial services company faced claims that it aided and abetted the misuse of $200 million in funds invested through the EB-5 visa program, which helps … Read moreRaymond James to Pay $150M to Settle Jay Peak Investor Claims

EB-5 Visa Scandal Underscores the Critical Role Whistleblowers Play in Exposing EB-5 Fraud

On April 5, 2017, federal authorities raided a business run by a California attorney and her father that is suspected of orchestrating a $50 million EB-5 visa scheme. According to the court filings, the father-daughter company, California Investment Immigration Fund, LLC (CIIF), raised money from more than 100 Chinese investors for several business projects. Under the … Read moreEB-5 Visa Scandal Underscores the Critical Role Whistleblowers Play in Exposing EB-5 Fraud