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September 11, 2012
As EB-5 "visas for job creation" program faces renewal vote today, the Daily reveals that an investigation into waste, fraud, and abuse has begun
Atlantic Yards Report
Federal overseers are apparently following the vastly obvious clue that not all is right with the booming EB-5 program, which grants wealthy foreigners green cards for themselves and their families in exchange for purportedly job-creating investments marketed by private investment pools known as regional centers.
In 'INVESTOR VISA' PROBE: Federal program trading foreign finance for citizenship comes under scrutiny, The Daily's Sarah Ryley (ex-Brooklyn Eagle) reported yesterday:
A burgeoning immigration program that gives wealthy foreigners and their families a chance at citizenship if they lay down big cash is under scrutiny by Homeland Security and the Securities and Exchange Commission, The Daily has learned.
...Jay Peak Resort in Vermont has used $200 million to transform itself into a year-round destination. And the developer of a new basketball arena for the Brooklyn Nets has collected $228 million to replace costly conventional financing.
But many projects have gone bust and some are in legal disputes that allege fraud, casting doubt on the immigration agency's ability to effectively monitor the program....
Last month, Homeland Security's Office of Inspector General launched an investigation to determine if the program is "effectively administered and managed to detect and deter fraud, waste, abuse, while avoiding national security threats," according to the internal announcement obtained by The Daily.
Beyond the legal disputes, there's much evidence of misleading marketing, as shown in videos from web sites in China regarding the Atlantic Yards investment.
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The Daily, ‘INVESTOR VISA’ PROBE: Federal program trading foreign finance for citizenship comes under scrutiny
Posted by eric at September 11, 2012 11:44 AM