Licensed to Practice in CA. Practice Focus on Federal Immigration Law. This Blog is Legal Advertisement.
Friday, April 10, 2015
SEC Cracking Down on EB-5 Immigration Attorneys
(Bloomberg) -- The U.S. Securities and Exchange Commission is expanding a crackdown on a little-known program to dole out visas to wealthy foreigners in exchange for investments that generate jobs.
The SEC is preparing sanctions against as many as two dozen immigration lawyers, people familiar with the matter said, for collecting deal fees from foreign investors trying to access the EB-5 visa program, which grants U.S. residency for $500,000 investments that create 10 jobs.
The lawyers were prohibited from earning transaction fees because they weren’t registered as brokers, according to the people, who asked not to be named because the investigations aren’t public...(Bloomberg.com)