SEC Charges Attorney with Scheme to Defraud Investors in EB-5 Investor Program
The SEC charged an attorney with defrauding investors seeking to participate in the EB-5 immigrant investor program. The SEC alleged that the California-based attorney, through his marketing firm, diverted funds to other projects and stole at least $9.6 million to bankroll his own businesses and lifestyle. The SEC alleged that the attorney knowingly violated federal regulations and jeopardized the visas of his foreign investors.
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The North American Securities Administrators Association outlined ways immigrant investors can avoid various forms of fraud that have been associated with the EB-5 visa program.
