Businessman’s Company Raided Over Suspected EB-5 Fraud
April 7, 2017
Many foreign nationals have hopes of wanting to emigrate to this country and are willing to invest in order to do so. Unfortunately, not every investment opportunity is what it appears to be, and there have been several instances of EB-5 fraud allegations. This federal program is available in New York and likely has brought many new projects to local communities, though there may have been fraudulent investments as well.
Recently, the FBI conducted a raid of a company on the west coast. The company, an immigration investment fund, was allegedly engaging in fraudulent practices worth an estimated $50 million. The FBI removed several computers and record keeping materials. The agency stated that the company took money from approximately 100 foreign investors in exchange for green cards. The alleged projects were never brought to fruition.
The federal agency stated that some of the investment monies were used to purchase personal residences for the fund’s owner and his daughter. It is unknown how much of the other money was disposed of nor how many of the foreign nationals were involved in the alleged fraud. Three of the investors were allegedly wanted by Chinese officials.
No one has been charged with any crimes at this time, and the FBI says that there were no plans at the present to arrest anyone. The investigation into the suspected EB-5 fraud has not been completed at this time, and it is unknown if there will be any charges forthcoming. New York residents do have recourse to professionals who are experienced in protecting the rights of immigrants who believe they have been victims of this type of visa fraud and are concerned that they are vulnerable to deportation or other consequences.
Source: npr.org, “Feds Raid Suspected $50M Visa Fraud Ring Near Los Angeles“, Laurel Wamsley, April 5, 2017