Atty Says EB-5 Investments Not Securities In SEC Suit
Law360, New York (February 1, 2017, 7:00 PM EST) -- A New York immigration attorney asked a California federal court for a quick win on Tuesday in the U.S. Securities and Exchange Commission's case alleging he operated as an unregistered broker-dealer and defrauded EB-5 investors, saying the activity is out of the commission’s purview.
Attorney Hui Feng and his Law Offices of Feng & Associates PC filed a motion for summary judgment, arguing that investments in EB-5 projects, an immigrant investor program administered by U.S. Citizenship and Immigration Services, don’t qualify as securities, meaning Feng didn’t need to register with regulators as a broker. Lawyers have been helping clients utilize the...
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