Khan & Yau, PC Reliable & Responsive New York City Attorneys

Developer admits guilt in massive EB-5 fraud case

There are many avenues for those seeking to immigrate to the United States, though the process can admittedly be slow and complicated. One type of visa that may be possible for certain hopeful immigrants has recently been the subject of an intense investigation. The man behind the massive EB-5 fraud case is now facing a decade in prison. There are many immigrants living in New York who have used this program to start their lives over.

The EB-5 visa is intended to benefit both the investor and the developers, who then aid the immigrant in obtaining admittance to this country. Unfortunately, the program has been the target of abuse, as evidenced by some recent investigations. One developer in a northwestern state recently admitted guilt in a case that defrauded many foreign investors and failed to produce the employment that is a requirement of the program.

Officials reported that the man not only took millions of dollars from the hopeful investors but also falsely claimed that their legal immigration status was secure. Now, the man faces a decade-long prison sentence, and the immigrants who had invested both their money and their trust may be facing the prospect of being deported. There are an estimated 200 foreign investors who reportedly contributed approximately $240 million into projects that never materialized.

This particular visa program allows foreign investors to contribute at least $500,000 towards a revitalization or new development program that is required to provide at least 10 jobs in an economically depressed area. Now these particular investors may have a difficult time obtaining the needed documentation that will permit them to remain in this country. Immigrants living in New York who believe they may have been a victim of EB-5 fraud or are struggling with other immigration related issues may consult with an attorney who practices in immigration law in order to protect their rights and achieve their goals of lawfully remaining in the United States.

Source: constructiondive.com, "WA developer pleads guilty to EB-5 fraud, faces 10 years in prison", Kim Slowey, Jan. 5, 2017

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