AZ Sourcing, parent company of PhoenixMart, allegedly misled Chinese investors, according to a Los Angeles immigration attorney quoted in a Chinese-language newspaper under the headline translated as “EB5 another scam? FBI raid Arizona region center”.
The Epoch Times, published online in Chinese, picked up the Phoenix Business Journal's Nov. 19 and 20 articles about the FBI raid on AZ Sourcing’s Kierland office headquarters in Scottsdale and the Casa Grande PhoenixMart temporary welcome center. The Epoch Times story included a comparison of promotional materials distributed in the People’s Republic of China as written in Chinese and English.
L.A. attorney Dennis Cheng told the Epoch Times that the Chinese promotional materials promise a five-year return on investment for EB5 subscribers, but the English-language version contains a warning that the $1 million per investor buy-in is risky and that all funds could be lost.
A spokesperson for AZ Sourcing, said that to the best of his knowledge, there are no such discrepancies in the English and Chinese promotional materials.
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