With the main part of the EB-5 (immigrant investor) program about to sunset on April 28, its defenders are facing yet another scam, at the $50 million level, in which Chinese-Americans fleeced Mainland China investors.
Yesterday federal agents raided the offices of the California Investment Immigration Fund in San Gabriel, an EB-5 regional center, according to the Associated Press.
The timing could not have been better for those seeking either the reform of, or (less likely) the termination of the program.
With two exceptions, this scandal followed the recipe of so many others: It happened in California; the 100 or so victims were people from Mainland China, presumably both nervous and careless businessmen who wanted a set of green cards for their families; the fraudsters were a China-born operator, Tat Chan, and his daughter, Victoria (a lawyer whose immigration status is not immediately clear); the Chans said that they were creating a business/residential complex (but no construction had started); and the Chans used much of the money to pay off an earlier round of investors, and to buy presumably attractive mansions for themselves.
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