I posted an interview four months ago with American immigration consultant Steve D. Albert about what he termed “rampant fraud” in the EB-5 visa program that provides overseas investors with a path to apply for a U.S. permanent residence.
Last week, Chinese investors whose EB-5 investment funds were misused in Texas received some good news from theSecurities and Exchange Commission: The U.S. securities regulator announced on Dec. 12 that three Houston-area developers have agreed to settle charges that they misused investor funds raised from 90 Chinese investors under the EB-5 Immigrant Investor Program on unrelated projects.
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