The Commission stated in a litigation release that "the plant was never built and the promised jobs never created. yet the [two men] continued to misrepresent to investors that the project was ongoing." That same report goes on to say that millions of dollars of investor money was used for other purposescan you believe this?-even going to another completely unrelated project in the Philippines. Just last month. the National Law Review reported another case in which Security and Exchange Commissioner filed suit against the owner of a regional center who allegedly stole $8.5 million in EB5 funds. The owner claimed that all the money provided from the foreign investors would be held in escrow until the approval of their green cards. Instead. the article reports that the owner of the regional center blew the money on two different personal homes. a luxury Mercedes. a BMW. and a private yacht. All the while. clueless investors were exploited by loopholes in the EB5 program. For example. the article states that both the investors and the owners of the regional center were represented by the same attorney. But for many potential EB5 immigrants. a safe investment is not the main concern because it is simple. You can buy your way into the United States. Paying $500.000 is simply the price of admission that they are able and willing to pay. For these wealthy elites. a profitable investment is just icing on the cake of buying green cards. I hope some of my colleagues will talk to Senator FEINSTEIN about why she thinks this program should be wiped out. Even considering our reforms. she still takes that view. She feels it is just plain wrong to sell access to the United States through buying a green card. A lot of the debate in the past 2 months has been on targeted employment area reforms. The targeted employment areas created by Congress to steer foreign investment to rural and distressed areas have been greatly abused.
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