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Posted 10/21/2017

What Is EB-5 Visa Fraud?

What Is EB-5 Visa Fraud?

While quite popular with wealthy foreign investors, the EB-5 visa program presents fraudsters with a wealth of opportunities for scamming the unwary. This is because the EB-5 program—also called the “Golden Visa” program—essentially allows investors to purchase a path to US citizenship by investing enough money.

If the foreign investor’s contributions total at least $1,000,000, then he or she becomes eligible for a green card. Unfortunately, when fraudsters and scammers get involved, things don’t always go as they should.

EB-5 Offering Fraud

Most EB-5 scams take the form of offering fraud. Prospective foreign investors are presented with an investment opportunity that stresses the opportunity to obtain a temporary visa above all else. Any risks involved are glossed over or omitted entirely.

Depending on the investor’s country of origin, this can present a dream scenario that sounds too good to be true. Unfortunately, that’s because it probably is.

Many of these individuals later discover that their dream investment was incredibly high risk and winds up costing them a fortune in losses. Because material information was withheld or not sufficiently detailed, a poor decision was made in the hopes of making a new home in the United States.

Complete Visa Cons

While the above scenario is bad enough, EB-5 visa fraud can take even more severe forms. Sometimes foreign investors put money down only to either never hear from the scammer again or be treated to a never-ending stream of excuses and delaying tactics.

In these situations, the recipient of the investment money never used it as intended. In some cases, the visa application is never even submitted, thereby defrauding the person of both their dreams and at least $1,000,000.

SEC Whistleblower Attorneys

The Securities and Exchange Commission (SEC) puts a stop to EB-5 visa fraud whenever it encounters it. People aware of a golden visa scam can become whistleblowers by reporting what they know to the SEC, which can result in a large financial reward.

For help protecting your whistleblower rights and submitting a tip to the SEC, contact Meissner Associates. Just complete the confidential form on our website or give us a call directly at 1-866-764-3100.

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