EB-5 News

U.S. Hispanic Chamber of Commerce joins fight for EB-5 reform & long-term reauthorization

Posted by GCBI Team on July 1, 2020

USHCC president & CEO Ramiro A. Cavazos says EB-5 was vital in injecting over $20 billion of non-taxpayer money and created over 730,000 U.S. jobs after the 2008 recession. “We need that kind of spark again now more than ever.”...

Chinese investor claims conflict of interest and sues attorney who represented him as well as investment company

Posted by GCBI Team on July 1, 2020

Attorney Serge Bauer who “wore many hats” — an investor’s immigration lawyer and investment advisor as well as counsel for the investment company — is being sued, along with the investment company. The investment was made in a grocery store...

Supreme Court: South Dakota owes nothing to EB-5 investors who sank money into now bankrupt meat plant

Posted by GCBI Team on July 1, 2020

A South Dakota Supreme Court upheld a previous decision that sided with the state, a defendant, in a case of a bankrupt meat-processing plant. For years this story has been mired in controversy and includes the apparent suicide of a...

USCIS delivers on promise of improved EB-5 processing: Q2 FY2020 I-526 output doubles Q1 numbers

Posted by GCBI Team on June 25, 2020

The most recent USCIS data seems to deliver on the words of IPO Chief Sarah Kendall, who said in March 2020: “With a lot of the infrastructure development now behind us, IPO is better situated to improve productivity.” In Q2...

India’s ‘Current’ Visa Bulletin status will benefit EB-5 I-526 petitioners living in the U.S.

Posted by GCBI Team on June 25, 2020

Immigration law firm Wolfsdorf Rosenthal points out that India’s Final Action Date being “Current” has added significance as this will allow Indian petitioners with an approved I-526 petition to file for adjustment of status in the U.S.. More Indian petitioners...

Supreme Court rules to allow disgorgement awards for securities fraud

Posted by GCBI Team on June 25, 2020

Despite a petition by a couple who misappropriated almost $20 million of EB-5 capital, the Supreme Court ruled that disgorgment of ill-gotten gains that does not exceed the wrongdoer’s net profits is permissible. Justice Sotomayor stated that there is a...

Woman accused of $21.6 million Coachella EB-5 scam — she sent investors fake photos of construction that never happened

Posted by GCBI Team on June 25, 2020

LA resident Ruixue Shi faces up to 20 years in prison for misappropriating EB-5 investor capital. Investors thought their money would build a Coachella condo and hotel.  Shi told investors she owned 47 acres of land when she only had...

Florida bank & EB-5 hotel developer deny role in $21-million investor fraud

Posted by GCBI Team on June 25, 2020

PNC Bank and Greystone entities deny any knowledge of wrongdoing in a case where the head of a regional center, Joseph Walsh, is accused by the SEC of defrauding investors of $21 million. The investors claim the bank helped Walsh...

Judge deny’s motion by Quiros to dismiss EB-5 fraud charges because of email confidentiality

Posted by GCBI Team on June 25, 2020

Ariel Quiros, the man behind the biggest fraud ever with the Jay Peak resort, had requested that charges of fraud relating to a failed biomedical facility be thrown out; he claimed prosecutors used confidential information from his laptop. A federal...

Oppenheim speech: EB-5 could lose then gain visas; India is ‘current’ and may not face retrogression ‘in the foreseeable future’

Posted by GCBI Team on June 18, 2020

Chief of Visa Control and Reporting Division Charlie Oppenheim spoke at an industry panel June 16.Notable highlights: due to consular closures, thousands of EB-5 visas may be lost this fiscal year; but EB-5 can gain thousands back in FY 2021...

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