As we inch closer to meaningful EB-5 reform, some regional centers, and related groups, in opposition have focused on one sentence of the draft bill: (VII) a certification that the regional center has policies and procedures in place that are reasonably designed to ensure that the regional center and any associated new commercial enterprises and […]
“God forbid we should ever be 20 years without such a rebellion”, said our founding father Thomas Jefferson. By all accounts, the EB-5 program is about 5 years overdue. The EB-5 program has come to a moment of truth in its quarter century history. The program has done much good, and some bad things have occurred in its […]
Targeted Employment Areas – TEAs – were supposed to be about bringing desperately needed investment capital into economically distressed areas. The thesis goes, create employers in those areas and the jobs are likely to go to those who live there. The current EB-5 program’s treatment of TEAs, in all but a minority of cases, does […]
On August 24, 2015, the Securities and Exchange Commission filed suit against Washington (State) based Path America SnoCo Regional Center, its CEO and several related entities for allegedly misappropriating funds and committing fraud with respect to $136 million in EB-5 investments. In this case, the SEC is attempting to shut down what seems to be a […]
Yesterday, December 7, 2015, the SEC announced settlements and the filing of one law suit against US immigration attorneys for allegedly acting as unregistered brokers in violations of the Federal securities laws. The timing could not have been more poignant. Both behind the scenes and occasionally in public articles and letters, there is a pitched […]
http://www.prweb.com/releases/icic/conference/prweb11817208.htm
http://www.prweb.com/releases/e3-investment-group/jobs-act-forum/prweb11692777.htm
The SEC announced today that it has obtained settlements in the civil action related to the Chicago Convention Center case. A link to that announcement can be found here: “SEC Press Release on Chicago Case Settlement“ and the full press release can be found here The penalties are significant from the civil perspective, including million dollar plus fines […]
In what may be FINRA’s first interpretative letter involving the EB-5 program, on August 26th, 2013, FINRA replied to a member firm’s (broker-dealer) request for guidance on Rule 2111 – Suitability Standards. The full letter can be found at the following link: http://discuss.ilw.com/content.php?2405-News-FINRA-Rule-2111-Suitability According to Rule 2111, broker-dealers and their representatives must abide by specific obligations […]