Ariel Quiros arrives outside federal court in Burlington for his arraignment on charges pertaining to the EB-5 fraud case in 2019. The accused mastermind of a massive investor fraud in the Northeast Kingdom is expected to enter a guilty ple...
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Quiros, cooperating with prosecutors, expects to plead guilty in EB-5 fraud case
An Insight into EB 5 Targeted Employment Area
If you are planning to immigrate to the US through EB 5 program and looking for a targeted employment area (TEA), this post will help you. Here, you will find complete details about the types of TEAs and the qualifications of each. If you do n...
A plan to get the Coliseum, Nassau Hub back on track
Nassau County’s decision to issue an order of default this week to the operator of Nassau Coliseum — and threaten to terminate the lease on the arena — isn’t about simply trying to collect unpaid rent. The goal, county officials told The Po...
NY Wheel investors working to bring smaller wheel to St. George site
A smaller version of the New York Wheel -- formerly declared dead in October 2018 after estimated costs for the privately-funded project ballooned to more than $1 billion -- is being planned by its investors for the St. George waterfront, the ...
SEC Wins Fight to Retain Disgorgement Power But There's a Catch
On June 22, 2020, the U.S. Supreme Court issued its highly anticipated decision in Liu v. Securities and Exchange Commission,[1] which found that disgorgement awards that do not exceed a wrongdoer’s net profits (gross profits reduced by legiti...
Jay Peak receiver’s bill for EB-5 cleanup now tops $8M
Michael Goldberg, the court-appointed receiver in the EB-5 fraud case, speaks at a Statehouse news conference April 13, 2017. The cost for attorneys and financial professionals for the clean-up so far from the Jay Peak investor fraud scand...
Latest EB-5 Immigrant Petition by Alien Investor (I-526) Data
USCIS released EB-5 Immigrant Petition by Alien Investor (I-526 Petition) data that reveals a lot about what has been going on at the Immigrant Investor Program Office (IPO) this fiscal year. The table for the Number of Service-wide Forms F...
Perspectives on the EB-5 visa queue (new I-526 approval report)
The wait time for an EB-5 visa depends on the number of people in line, and the rate at which the line moves. Both factors are complicated and can be tough to pin down. We’ve recently received significant new information related to each factor...
EB-5 Visa Program Helping to Build Luxury Florida Condos for Wealthy
A little-known visa program benefitting China’s elite, peddled as a way to revitalize underserved communities, is helping to build luxury condominiums for the wealthy in St. Petersburg, Florida. Under the EB-5 visa program, wealthy foreign ...
NES Financial expert calls for EB-5 expansion amid lawmakers’ concerns
Republicans on the U.S. House Judiciary Committee this month warned that the Chinese Communist Party may be abusing America’s EB-5 Immigrant Investor Program and called for a federal review of the program created in 1990 by Congress to stimula...
Supreme Court: South Dakota doesn't have to repay EB5 beef plant investors
Money from a group of Chinese investors used to fund a beef processing plant in Aberdeen was not procured fraudulently and the state doesn’t have to repay it, according to a decision by the South Dakota Supreme Court. The case involves the ...
In Liu v. SEC, Supreme Court Upholds – But Limits – SEC’s Ability to Obtain Disgorgement, Leaving Many Questions for Lower Courts to Decide
Can the SEC obtain disgorgement in civil enforcement actions? Yes. What, exactly, is disgorgement? Well, it’s complicated. In an 8-1 opinion, the Supreme Court held that the SEC can seek and obtain disgorgement in federal civil actions, ...
EB5 Affiliate Network Announces USCIS Exemplar Approval for Saltaire St. Petersburg Phase I EB-5 Project
Prominent EB-5 service provider EB5 Affiliate Network (EB5AN) today announced that United States Citizenship and Immigration Services (USCIS) has granted I-924 exemplar approval for its Saltaire St. Petersburg Phase I project. This means USCIS...
Supreme Court restricts SEC’s ability to recover dishonest profits
The U.S. Supreme Court put new limits in place on the Securities and Exchange Commission’s (SEC) routine practice of forcing defendants to surrender any profit they gained through fraud if that profit came about as part of the SEC’s carrying-o...
Update – Processing Times for EB-5 Related Petitions
Processing times for many EB-5 related petitions continue to vary. The updated processing times are as follow: Form I-526: Immigrant Petition by Alien Entrepreneur – 29.5 to 61 months Form I-829: Petition by Entrepreneur to Remove C...