ILW.COM - the immigration portal Immigration Daily

Home Page


Immigration Daily

Archives

Processing times

Immigration forms

Discussion board

Resources

Blogs

Twitter feed

Immigrant Nation

Attorney2Attorney

CLE Workshops

Immigration books

Advertise on ILW

VIP Network

EB-5

移民日报

About ILW.COM

Connect to us

Make us Homepage

Questions/Comments


SUBSCRIBE

Immigration Daily


Chinese Immig. Daily




The leading
immigration law
publisher - over
50000 pages of
free information!
Copyright
© 1995-
ILW.COM,
American
Immigration LLC.

View RSS Feed

ILW.COM EB-5 Blog

Chicago Regional Center & the Future of the EB-5 Green Card

Rating: 2 votes, 5.00 average.

Anshoo R. Sethi, founder of the Intercontinental Regional
Center Trust of Chicago (IRCTC) and A Chicago Convention Center (ACCC), has
been charged with fraud, corrupting the EB-5 program and hurting foreign
investor relations.


This is a crucial time for the EB-5 program to show its
value to the masses. It incorporates significant--and much needed--funds into the
U.S. economy, not only due to the initial investment, but also due to the
immigrant investor. Once the two year requirement and creation of ten jobs is
met, the investor lives in America; their permanent residency contributes
significantly to the economy. The incentive for these immigrant investors is to
bring their families and business to America. This means day-to-day expenses
are also accrued from this new resident. Many even come for America's school
system, and the cost of tuition is an investment in itself.


Needless to say, it doesn't reflect well on the EB-5
Regional Center pilot program, when fraud enters into it. Founder of two
fraudulent companies (ACCC & IRCTC), Anshoo R. Sethi has been detained by
the U.S. Securities and Exchange Commissions (SEC) and all his corresponding assets
have been frozen. Sethi's company posed as the "World's First Zero Carbon
Emission Platinum LEED certified" hotel. He received certification for the EB-5
pilot program, by falsifying documentation from several renowned hotels: Hyatt,
Intercontinental Hotel Group, & Starwood Hotels. The latter two, Sethi
previously had business with, but had long since terminated their relationships.


After approval from the U.S. Citizenship and Immigration
Services (USCIS), Sethi promised Chinese foreign investors green cards if they
submitted $1 million or $500,000 to the company and $41,500 in administration fees.
He guaranteed that if they did not receive a green card, he would refund their
investment. After receiving over $145 million from over 250 foreign investors,
it was discovered that Sethi had already spent the $11 million he received in
administration fees alone. SEC has frozen the remaining $145 million and
promises to return these funds to the investors.


Although, $11 million is hardly the tragedy that $145
million would pose, this certainly calls for major EB-5 pilot program reform. The
ability to be approved for an EB-5 center is going to undergo severe scrutiny.
After all, if a 29yo is claiming to have over 15 years' experience in a company
that's 35 years' old (when really it was founded in 2010), then reform is necessary.
While current EB-5 regional centers are being reevaluated, ultimately reform
will repair and enhance the program's efficiency. Improvements are best made
now, before the program is permanent.


The relations with foreign investors are the most important factor
that has been critically damaged. After all, these were 250 immigrant investors
prepared to participate in the EB-5 Visa
program. However, USCIS is taking EB-5 fraud seriously and is far from an
ineffective immigration program.


For more information, visit EB5Investors.com.

Submit "Chicago Regional Center & the Future of the EB-5 Green Card" to Facebook Submit "Chicago Regional Center & the Future of the EB-5 Green Card" to Twitter Submit "Chicago Regional Center & the Future of the EB-5 Green Card" to Google Submit "Chicago Regional Center & the Future of the EB-5 Green Card" to StumbleUpon Submit "Chicago Regional Center & the Future of the EB-5 Green Card" to Reddit Submit "Chicago Regional Center & the Future of the EB-5 Green Card" to Digg Submit "Chicago Regional Center & the Future of the EB-5 Green Card" to del.icio.us

Tags: None Add / Edit Tags

Comments

Put Free Immigration Law Headlines On Your Website

Immigration Daily: the news source for legal professionals. Free! Join 35000+ readers Enter your email address here: