SEC’s EB-5 Visa ‘Sham’ Suit Is Out Of Line, Calif. Man Says

Law360, New York (January 25, 2018, 8:54 PM EST) -- A man who allegedly orchestrated two fraudulent securities offerings that raised $22.5 million from Chinese investors looking to obtain green cards through the federal EB-5 visa program urged a California federal court Wednesday to toss the government’s case against him, arguing the investments were not motivated by profit and thus fell outside securities fraud laws.

Because investors really wanted to get green cards out of the deal rather than see a financial return on their investments, they were not actually acquiring securities, Edward Chen told the...
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