More than two dozen foreigners who took part in an investment-for-green-cards immigration program had their $500,000 contributions transferred to a South Dakota beef plant after initially committing their funds for other projects, according to state records.
Federal officials say such transfers are legal if certain conditions are met.
Northern Beef Packers, which filed for Chapter 11 bankruptcy protection in July, is one of a handful of large projects in South Dakota to solicit funds from the federal EB-5 program, which allows foreigners to get visas if they invest $500,000 to $1 million in projects or businesses that create jobs for U.S. citizens. Approved investors can become legal permanent residents after two years and can later be eligible to become citizens.
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