We have previously reported that Seldon Technologies, Inc., an EB-5-funded firm in Vermont that briefly made water filters for Mexico-based Bebederos, went out of business abruptly, laying off all of its 32 employees.
In June, Seldon had a grand ceremony with Sen. Pat Leahy (D-Vt.) present to announce that it had been awarded a $20 million contract to make the filters for Bebederos. A few months later the contract was cancelled with minimal explanation.
CIS recently has learned more about Seldon, an odd and ill-fated corporation that was able to secure EB-5 funding anyway.
The Seldon failure was doubly regrettable because, while the vast majority of EB-5 projects fund urban real estate developments (e.g., in New York, Los Angeles, and Las Vegas), this time the money was to be invested in a small town (Windsor) in a rural area. Further, the money would go into a factory, not a shopping mall or hotel.
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