EB5, Vermont Regional Center scandal
#16
Re: EB5, Vermont Regional Center scandal
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:
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
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.
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.
#17
Re: EB5, Vermont Regional Center scandal
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.
#18
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?
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?
#19
BE Forum Addict
Joined: Sep 2008
Location: Rural Virginia
Posts: 1,076
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.
#20
DE-UK-NZ-IE-US... the TYP
Joined: Mar 2010
Posts: 2,848
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
“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
#21
Forum Regular
Joined: Jan 2010
Location: Florida
Posts: 80
Re: EB5, Vermont Regional Center scandal
#22
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Joined: Dec 2003
Location: Boston / Guipúzcoa
Posts: 718
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
Red flags preceded fraud allegations at Jay Peak Resort
#23
Re: EB5, Vermont Regional Center scandal
Looks like the journalist who wrote that has been reading what I have been saying for years!