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Dec 22nd, 2023

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SEC charges NY businessman with fraud and unregistered sales of EB-5 investment; veteran immigration lawyer also charged

The SEC charged Nadim Ahmed and his companies with defrauding EB-5 investors. It also charged long-standing immigration lawyer Mona Shah with offering unregistered securities to investors. The investments were sold from June 2014 to November 2022, raising over $66 million from over 100 investors. Ahmed allegedly misappropriated investor capital to pay a prior SEC settlement. According to the SEC complaint, none of the investors gained permanent residency or investment returns. Shah responds: “It is disappointing that the SEC has made these allegations based on a technicality, and we are confident we will show we acted appropriately.”

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