EB-5 News

Bipartisan support for Integrity Act in the House of Representatives — EB-5 viewed as vital for economic growth

Posted by GCBI Team on May 13, 2021

The EB-5 Integrity and Reform Act of 2021 was introduced in the House by Representatives Greg Stanton (D-Arizona) and Brian Fitzpatrick (R-Pennsylvania). Both representatives have seen first-hand the economic benefits of the program. Stanton states, “The EB-5 program is critical...

What are the practical impacts if EB-5 is not reauthorized by June 30?

Posted by GCBI Team on May 13, 2021

While immigration lawyer Carolyn Lee is an advocate of the EB-5 Reform and Integrity Act of 2021, and optimistic about its passage into law, she acknowledges that reauthorization is not a given. If the program lapses, what then? “We do...

Former EB-5 investor pleads guilty to illegally exporting U.S. technology to China, money laundering, visa fraud

Posted by GCBI Team on May 13, 2021

A former EB-5 investor, Chinese national Shuren Qin, has pled guilty to a host of charges including trying to illegally import underwater technology to a Chinese military university. Qin also lied in his I-829 application to remove conditions of his...

Jay Peak receiver settles for $1.75 million with bank accused of aiding historic EB-5 fraud

Posted by GCBI Team on May 13, 2021

The Jay Peak receiver has reached a settlement with People’s United Bank, the institution alleged by some investors to have aided fraud mastermind Ariel Quiros in pulling off the biggest EB-5 biggest fraud ever. The bank denies wrongdoing and claims...

USCIS makes EB-5 history, approves Zhang I-526 petition with unsecured loan as source of funds

Posted by GCBI Team on April 29, 2021

April 14, 2021, is a historic date for EB-5: U.S. Citizenship and Immigration Services (USCIS) approved the petition it had been fighting in court — in the Zhang v. USCIS case. An appeals court recently upheld a prior court decision...

Why EB-5 needs permanent reauthorization

Posted by GCBI Team on April 29, 2021

Veteran immigration lawyer and former USCIS Chief Counsel and Acting Director Robert Divine has written a pithy piece in eb5investors.com on the problems of temporary legislation for the EB-5 Regional Center Program.  While Divine thinks the program is unlikely to...

FY 2021 Q1 published for EB-5 I-526 & I-829 processing

Posted by GCBI Team on April 29, 2021

Keeping in mind that the numbers reflect, as per EB-5 expert Suzanne Lazicki, “dark pandemic days, and lingering Trump administration leadership,” here are the most recent processing stats. 1,123 I-526 petitions processed with 89% approval rates. 682 I-829 petitions processed...

SEC wants EB-5 fraudster Liu to pay back almost $21 million in disgorgement

Posted by GCBI Team on April 29, 2021

The Securities and Exchange Commission has asked a California district court to make notorious EB-5 fraudster Charlies Liu and his associate Xin Wang to pay back $21 million of the $26 million they raised for a cancer clinic in Southern...

Mastroianni’s regional center sues EB-5 project lender in effort to stop Manhattan project foreclosure

Posted by GCBI Team on April 29, 2021

Three affiliates of regional center U.S. Immigration Fund (USIF) are suing the mezzanine lender of a Manhattan church-conversion project. The lawsuit argues that the lender cannot foreclose as it wrongfully obtained interest in the property. The foreclosure would wipe out...

USCIS reverses decision to shut down Vermont EB-5 Regional Center — Green Card hopes for defrauded Jay Peak investors?

Posted by GCBI Team on April 29, 2021

The state-run regional center associated with the biggest EB-5 fraud ever has been reinstated after being shut down in 2018. A Vermont state official calls this “good news” as it may allow for the possibility of at least 600 defrauded...

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