But the fact that our bipartisan bill was dismissed by congressional leadership means bad actors and bad regional centers will continue to operate. The EB5 program also encourages a whole host of financial fraud and corruption. The programs abundant loopholes and lack of regulation have created a virtual playing field for unethical gamesmanship and con artists. Fortune Magazine reported how one man cheated potential immigrants out of $147 million for a makebelieve building project he never intended to finish. The article explained how the trickster claimed the project would create over 8.000 jobs. In reality. some 290 foreigners were tricked out of their cash.
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