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Tuesday, January 09, 2018

SEC Probing Kushner Companies Over Use Of Immigrant Visa Program

The SEC has launched an investigation into the real-estate company run by White House senior adviser (and Trump's son-in-law) Jared Kushner for its use of the "green cards for money" Federal visa program, according to the WSJ. Specifically, the SEC is probing Kushner Companies over its use of the investment-for-visa EB-5 program, which provides green cards to immigrants who invest at least $500,000 in U.S. businesses.

While the WSJ explains that "the precise nature of the SEC’s inquiry isn’t clear, nor is whether the subpoena identified particular projects" it notes that in May 2017, Kushner Cos. received a subpoena from the Securities and Exchange Commission requesting information about its use of the program. That month the company also received a separate subpoena from New York federal prosecutors asking for information about development projects financed in part by the EB-5 program. Kushner had been running the real estate business until last year, but resigned from the company to join the White House staff.

The SEC probe, which hasn’t been previously reported, is being conducted out of the commission’s Texas office and in collaboration with federal prosecutors from the Brooklyn U.S. attorney’s office, according to another person familiar with it.

By way of background, the EB-5 program offers green cards to aspiring immigrants who invest at least $500,000 in certain U.S. businesses that have been determined to create at least 10 jobs per investor. A green card permits a foreign national to live and work in the U.S. The majority of EB-5 visas go to wealthy Chinese individuals, according to DHS data.



Anonymous said...

A perfectly legal program. maybe not a good program but perfectly legal. Has absolutely nothing to do with Russia. But they have to find something

Anonymous said...

Maybe they need to investigate Disney for this.