By
David North,
August 7, 2013
The immigrant investor (EB-5) program got another black eye, this time from the Federal Bureau of Investigation, according to the Associated Press.
A USCIS-licensed regional center in South Texas, used as a conduit for funds in the EB-5 program, was raided by the FBI, which hauled away a Mercedes SUV and a "Texas-sized pick-up truck" belonging to the conspirators, according to a local reporter. Both apparently had been purchased with siphoned-off EB-5 funds, invested by wealthy Mexican nationals wanting to flee that country.
The McAllen Monitor called it a "Ponzi Scheme" because new EB-5 investments were used to pay off other, earlier investors. Read more...