News
TEA Seminar
The excellent EB-5 economist, Michael Kester, will hold a webinar about TEAs on May 5th. Michael, at Impact DataSource, runs the popular website that allows one to research TEA by census tract. To register for this webinar, go to http://www.impactdatasource.com/teawebinar.
China Quota Retrogress in May
China Quota Retrogress in May The Department of State May 2015 visa bulletin was released today. It contains a cutoff date of May 1, 2013, for the EB-5 China quota (not other countries). Attached is my memo explaining quota retrogression, which I have expanded to address a few questions I have...
SEC – Chicago
The verdict is in for the SEC’s civil action against A Chicago Convention Center, LCC (ACCC), Anshoo Sethi, and International Regional Center Trust of Chicago (IRCTC), in a fraudulent Chicago-based EB-5 venture. Sethi set up a bogus regional center project and sold $145 million in securities and collected $11 million in...
DHS Whacks Ali
The Department of Homeland Security (“DHS”) internal Office of Inspector General has issued a report that the prior head of the USCIS, (now Deputy Secretary of DHS), Alejandro Mayorkas, showed favoritism for a few EB-5 RC projects, including one for a political friend of the Clintons, now the Governor of...
Regional Center Revocation
The USCIS has begun to revoke some inactive RC’s designations. In one decision USCIS states: The regional center’s participation as a regional center in the Program … no longer serves the purpose of promoting economic growth. Regional center’s I-924A filings do not report any EB-5 capital investment or job creation for fiscal...