Go Back  British Expats > Living & Moving Abroad > USA > US Immigration, Citizenship and Visas
Reload this Page >

EB5, Vermont Regional Center scandal

EB5, Vermont Regional Center scandal

Old Sep 30th 2015, 11:38 pm
  #16  
Grumpy Know-it-all
 
Steve_'s Avatar
 
Joined: Jul 2010
Location: Calgary, Alberta
Posts: 8,928
Steve_ has a reputation beyond reputeSteve_ has a reputation beyond reputeSteve_ has a reputation beyond reputeSteve_ has a reputation beyond reputeSteve_ has a reputation beyond reputeSteve_ has a reputation beyond reputeSteve_ has a reputation beyond reputeSteve_ has a reputation beyond reputeSteve_ has a reputation beyond reputeSteve_ has a reputation beyond reputeSteve_ has a reputation beyond repute
Default Re: EB5, Vermont Regional Center scandal

Originally Posted by illu345re
Hi. Despite the scandal they have investors signing up regularly.
Just thinking about it, how is that possible, even with the continuing resolution, according to USCIS it takes them 14 months to process an I-526. There are still some visa numbers available for people who aren't Chinese but in the visa bulletin it says:

Employment Fifth Preference Categories (I5 and R5): Section 1 of Public Law 112-176 extended this immigrant investor pilot program through September 30, 2015. The I5 and R5 visas may be issued until close of business on September 30, 2015, and may be issued for the full validity period. No I5 or R5 visas may be issued overseas, or final action taken on adjustment of status cases, after September 30, 2015.
So doesn't that mean if your I-526 process through to visa issuance isn't done by December 11th, you aren't going to get it?

Who would have put in an I-526 knowing the cutoff was September 30th?

So basically, USCIS is looking for people to (a) throw away $500,000 on a stupid investment and (b) not get a visa because of the sunset.

If you filed an I-526 now, you'd have to be quite brave to assume you're going to get the visa.

And then there's this: https://www.oig.dhs.gov/assets/Mga/OIG_mga-032415.pdf

Last edited by Steve_; Sep 30th 2015 at 11:46 pm.
Steve_ is offline  
Old Sep 30th 2015, 11:49 pm
  #17  
 
Pulaski's Avatar
 
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,397
Pulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond repute
Default Re: EB5, Vermont Regional Center scandal

Originally Posted by illu345re
..... Currently there are several such projects (including NY and one in LA) with heavy weight financiers and big name players, .....
I am still not sure that you grasp what my "multi-tranch" explanation means for EB-5 investors. The "heavy weight financiers and big name players" are involved in part because the EB-5 investors are providing the highest risk capital, that is first in line to be wiped out of the project is less than spectacularly successful. If the project is spectacularly successful then everybody is happy, but if the project is moderately successful, which is the most likely outcome, everyone is happy, except for the EB-5 investors who have "absorbed the loss". If the project is only marginally successful the insurance companies, pension funds, and banks will still get their money and a return.

In other words, the deck is heavily stacked against the EB-5 investors, and it is clearly laid out in the details of the deal structure, unfortunately some EB-5 investors believe the hype about "successful projects" without realizing that the success of the project is built using their "free" money.
Pulaski is offline  
Old Oct 1st 2015, 12:02 am
  #18  
Grumpy Know-it-all
 
Steve_'s Avatar
 
Joined: Jul 2010
Location: Calgary, Alberta
Posts: 8,928
Steve_ has a reputation beyond reputeSteve_ has a reputation beyond reputeSteve_ has a reputation beyond reputeSteve_ has a reputation beyond reputeSteve_ has a reputation beyond reputeSteve_ has a reputation beyond reputeSteve_ has a reputation beyond reputeSteve_ has a reputation beyond reputeSteve_ has a reputation beyond reputeSteve_ has a reputation beyond reputeSteve_ has a reputation beyond repute
Default Re: EB5, Vermont Regional Center scandal

Given that Congress didn't renew it in a timely manner, methinks there won't be any more investors in any regional centre until it is put on a firm footing.

Like I said, who is going to file an I-526, knowing that USCIS takes 14 months to process it and the cutoff for processing is December 11th? The only people who would are people who assume it will be continued, but given that it wasn't properly extended, you've got to be a serious risk taker.

Look at that DHS OIG report I posted a link to, it completely slates CanAm. You'd have to be mad.

Or very uninformed, who are these uninformed people who have $500,000 lying around?

I mean really are you that keen on living in the US as a conditional permanent resident?
Steve_ is offline  
Old Oct 4th 2015, 3:13 pm
  #19  
BE Forum Addict
 
Joined: Sep 2008
Location: Rural Virginia
Posts: 1,076
ottotheboar has a reputation beyond reputeottotheboar has a reputation beyond reputeottotheboar has a reputation beyond reputeottotheboar has a reputation beyond reputeottotheboar has a reputation beyond reputeottotheboar has a reputation beyond reputeottotheboar has a reputation beyond reputeottotheboar has a reputation beyond reputeottotheboar has a reputation beyond reputeottotheboar has a reputation beyond reputeottotheboar has a reputation beyond repute
Default Re: EB5, Vermont Regional Center scandal

The low numbers of Chinese investors suggests that it was not promoted by the agents who organize the EB5 roadshows throughout China.They generally have a pretty good idea of what is viable and what is not.
ottotheboar is offline  
Old Apr 14th 2016, 7:48 pm
  #20  
tht
DE-UK-NZ-IE-US... the TYP
 
Joined: Mar 2010
Posts: 2,848
tht has a reputation beyond reputetht has a reputation beyond reputetht has a reputation beyond reputetht has a reputation beyond reputetht has a reputation beyond reputetht has a reputation beyond reputetht has a reputation beyond reputetht has a reputation beyond reputetht has a reputation beyond reputetht has a reputation beyond reputetht has a reputation beyond repute
Default Re: EB5, Vermont Regional Center scandal

From the SEC:

“The alleged fraud ran the gamut from false statements to deceptive financial transactions to outright theft,” said Andrew Ceresney, Director of the SEC’s Division of Enforcement.� “As alleged in our complaint, the defendants diverted millions of EB-5 investor dollars to their own pockets, leaving little money for construction of the research facility investors were told would be built and thereby putting the investors’ funds and their immigration petitions in jeopardy.”

https://www.sec.gov/news/pressrelease/2016-69.html
tht is offline  
Old Apr 15th 2016, 8:08 pm
  #21  
Forum Regular
 
Joined: Jan 2010
Location: Florida
Posts: 80
John_K. has a reputation beyond reputeJohn_K. has a reputation beyond reputeJohn_K. has a reputation beyond reputeJohn_K. has a reputation beyond reputeJohn_K. has a reputation beyond reputeJohn_K. has a reputation beyond reputeJohn_K. has a reputation beyond reputeJohn_K. has a reputation beyond reputeJohn_K. has a reputation beyond reputeJohn_K. has a reputation beyond reputeJohn_K. has a reputation beyond repute
Default Re: EB5, Vermont Regional Center scandal

Updated: Feds charge Quiros and Stenger with 'Ponzi-like' scheme | VTDigger
John_K. is offline  
Old Apr 21st 2016, 2:03 pm
  #22  
BE Enthusiast
 
Joined: Dec 2003
Location: Boston / Guipúzcoa
Posts: 718
Eric S has a reputation beyond reputeEric S has a reputation beyond reputeEric S has a reputation beyond reputeEric S has a reputation beyond reputeEric S has a reputation beyond reputeEric S has a reputation beyond reputeEric S has a reputation beyond reputeEric S has a reputation beyond reputeEric S has a reputation beyond reputeEric S has a reputation beyond reputeEric S has a reputation beyond repute
Default Re: EB5, Vermont Regional Center scandal

The Boston Globe has been running stories about this over the past week. Here is today's:

Red flags preceded fraud allegations at Jay Peak Resort
Eric S is offline  
Old Apr 21st 2016, 2:09 pm
  #23  
 
Pulaski's Avatar
 
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,397
Pulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond repute
Default Re: EB5, Vermont Regional Center scandal

Originally Posted by Eric S
The Boston Globe has been running stories about this over the past week. Here is today's:

Red flags preceded fraud allegations at Jay Peak Resort
Looks like the journalist who wrote that has been reading what I have been saying for years!
Pulaski is offline  
Old Apr 21st 2016, 4:00 pm
  #24  
Account Closed
 
Joined: Aug 2002
Location: Kentucky
Posts: 38,865
ian-mstm has a reputation beyond reputeian-mstm has a reputation beyond reputeian-mstm has a reputation beyond reputeian-mstm has a reputation beyond reputeian-mstm has a reputation beyond reputeian-mstm has a reputation beyond reputeian-mstm has a reputation beyond reputeian-mstm has a reputation beyond reputeian-mstm has a reputation beyond reputeian-mstm has a reputation beyond reputeian-mstm has a reputation beyond repute
Default Re: EB5, Vermont Regional Center scandal

Originally Posted by Pulaski
Looks like the journalist who wrote that has been reading what I have been saying for years!
You've always been ahead of the curve!

Ian
ian-mstm is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.