The Securities and Exchange Commission announced a settlement Wednesday with a group of Houston-area developers accused of misusing $20.5 million in funds raised from Chinese investors through the EB-5 program.

The three Pearland-based companies — America Modern Green Senior, America Modern Green Community and America Modern Green Residential — raised a total of $49.5 million from 90 people through an EB-5 offering. The program allows foreign investors to obtain visas and ultimately a path to citizenship for investing in projects that create at least 10 jobs for American workers.

Source: https://www.dallasnews.com/business/real-estate/2018/12/12/houston-area-developers-settle-sec-after-misusing-205-million-raised-eb-5-offering

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