One latest immigration fraud to be reported from the United States, a woman residing in Silicon Valley has been asked to pay USD 50,000,000 considered as an amount for the settlement to federal regulators. It was alleged that the woman Bethany Liou stated that a resident of San Mateo County in the California and the sole owner and operator of Golden California Regional Centre misused her funds acquired through US EB-5 visa program.
Cease-and-desist proceedings were instituted as per specific File No. 3-19597 by the Securities and Exchange Commission [SEC] in marking up with Section 8A of the Securities Act of 1933.
No wrong doing was admitted by the lady Liou in the basic SEC settlement filed.
The SEC alleged that Bethany Liou had sold a total of USD 45,000,000 worth of securities to around 90 investors. These types of securities were sold as “limited partnership interest in GCRC Cupertino Fund”.
However, instead of deploying the whole amount of funds to the developer in keeping with the offering documents of Cupertino Fund, the amount was fully transferred to accounts in Liou’s name. The investor funds were then pledged as “collateral for a line of credit”. This was considered to be a violation of Section 17(a)(2) of the Securities Act.
The settlement of USD 45,000,000 is partial culmination of a lawsuit that was filed by wide variety of Chinese investors. The lawsuit shall continue despite the whole settlement. These Chinese investors had wired funds to the Liou in the year 2016 seeking US Green Cards through the EB-5 visa program.
“These frauds are diminishing the name of whole immigration industry. To aware yourself from such types of fraudsters one should update themselves by reading the latest updates of visamonthly.com. This particular platform offers wide variety of information about current happenings in immigration sector” stated by one of the spokespersons of Fee Guards.
Look into some of the facts related to foreign investment:
What do you mean by EB-5?
Investors as well as their spouses, and children can apply for a US Green Card if they make the necessary investment in a US-based commercial enterprise, and make a proper plan on creating/preserving 10 permanent full-time jobs for the US workers that are qualified for the same.
Why is it fully called EB-5?
The name “EB-5” comes from the Employment-Based 5th preference visa that the applicants usually receive.
Why is the reason for creating EB-5?
EB-5 program was highly created in 1990 by Congress, with the goal of stimulating the US economy through the creation of jobs and investment of capital by foreign investors.