One of Seattle’s top developers has been fined more than $1.2 million for using unlicensed advisers to steer investments from would-be immigrants into his projects.
American Life and its president, Henry Liebman, agreed to a settlement with the Securities and Exchange Commission, marking the latest legal problem for the EB-5 investment program that has channeled billions into the region’s construction boom.
The complaint revolves around the federal EB-5 program, which allows foreigners to obtain green cards if they invest $500,000 to $1 million in job-creating projects.
Seattle-based developer American Life, which boasts on its website that it has more than $1 billion in total investments, is one of the top recipients of EB-5 money in the nation. With help from such foreign investments over the last two decades, it has built or is working on more than two dozen office, retail, hotel and industrial buildings in the Sodo area, along with projects in downtown Seattle, Tacoma, Los Angeles and Atlanta.
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