click to enlarge Luke Awtry Bill Stenger, left, arrives at federal court Tuesday with attorney Brooks McArthur Ariel Quiros, Bill Stenger and two of their business partners in EB-5 projects in the Northeast Kingdom were indicted Tuesday on charges that they perpetrated the largest financial fraud in Vermont history. The men were charged with conspiracy to commit fraud, wire fraud and making false statements. Quiros, who federal authorities painted as the ringleader, also faces charges that he used the fraudulently obtained funds to make other payments. The U.S. government accuses the men of misleading foreign investors and EB-5 program regulators in order to embezzle millions from a proposed biotechnology business in Newport that they never seriously pursued. Their EB-5 projects brought in hundreds of millions of dollars from investors, much of which was used not to create jobs in the Northeast Kingdom, but to enrich the four men. In a civil lawsuit brought in 2016, the … [Read more...] about Quiros, Stenger, Face Federal Charges in EB-5 Scandal
Eb 5 business plans
EB-5 preference category was created in 1990 for immigrants seeking to enter the United States to engage in a commercial enterprise that will benefit the U.S. economy and directly create at least ten full- time jobs. The minimum qualifying investment amount is $500,000 for commercial enterprises located within a rural area8 (or targeted employment area) and is otherwise $1,000,000.Under the Canada Immigrant Investor program, introduced in 1986, foreign business persons establish eligibility by proving that they have identified managerial / business experience during two out of last five years preceding the filing of application, a net worth of at least CDN $800,000, and by affirmatively expressing that they are willing to deposit CDN $400,000 into designated government guaranteed securities for a period of five years.Passive versus active InvestmentUnlike the EB-5 program, the Canadian Immigrant Investor program is a PASSIVE program: a qualifying investor is not required to open a … [Read more...] about A Comparison Between EB-5 Visa to USA and Canada Immigrant Investor Program!
It seems like it's the American dream to open a business, allowing citizens to do what they love while answering to no one. Many Americans might dream about it but never get around to starting a business, perhaps due to lack of time, funds, or information. However, there are plenty of individuals in other countries who have spent their lives planning their perfect business, but never get the chance to do so in their home country. America's reputation as the Land of Opportunity could make it the best place to open a new company, benefiting both citizens and the business owner. Now this scenario could be possible.Many people are against immigrants coming to America only to take jobs, working for less than most Americans would. But what about those who come here to create jobs for Americans? The Immigration Act of 1990 has made this a likely situation. It created the EB-5 visa, which is a way for immigrants to obtain a green card and live here legally. But there is a catch. Each immigrant … [Read more...] about The EB-5 Visa – What it Is, and How it Affects Everyone
Former Gov. Mike Rounds says attacks by South Dakota Democrats overstate his role in the controversial EB-5 economic development program.Rounds, now a U.S. Senate candidate, championed — and still champions — EB-5 as a way to attract foreign investment to South Dakota businesses. But people faulting him for problems in the program, Rounds says, are forgetting the South Dakota Board of Regents had direct oversight of EB-5 through an institute at Northern State University."Based on (media) reports ... I was not aware the Regents were not totally involved with and aware of what was going on," Rounds told the Argus Leader last week. "If I had known about it (at the time), I probably would have asked, 'Where are you at, Regents?' "Assigning responsibility for South Dakota's former EB-5 program is difficult because until December 2009, both the university system and the governor's office had roles to play.EB-5 was run by the South Dakota International Business Institute, an … [Read more...] about Rounds: Regents oversaw EB-5
Note: This story by David Montgomery was originally published on Sunday, Nov. 3, 2013. The Argus Leader investigated the Northern Beef Plant and South Dakota's use of the federal EB-5 visa program extensively in early November 2013 and is republishing some of those articles now as the issue remains in the public eye. I've added footnote markers throughout the story, and at the bottom of the story explain new information that updates certain elements of this story. -DHMDuring his four years in charge of South Dakota's economic development efforts, Richard Benda worked tirelessly to promote an Aberdeen beef packing plant with the potential to create hundreds of jobs and bolster the entire region's economy.That meant approving the project for millions of dollars in grants and loans, the kind for which many large projects in South Dakota compete.But direct state aid to Northern Beef Packers covered only a small fraction of the project's $115 million cost. Far more came from scores of … [Read more...] about EB-5: Questions go beyond beef plant
Note: This story by David Montgomery was originally published on Nov. 4, 2013. The Argus Leader investigated the Northern Beef Plant and South Dakota's use of the federal EB-5 visa program extensively in early November 2013 and is republishing some of those articles now as the issue remains in the public eye. Previously: "Questions go beyond beef plant." I've added footnote markers throughout the story, and at the bottom of the story explain new information that updates certain elements of this story. -DHMIn March, 2010, the once-promising Northern Beef Packers plant in Aberdeen was in trouble. The multimillion-dollar project was only partially completed, out of money, and in danger of collapse.The rescue came from a mysterious corner. A company called "Epoch Star Limited" offered to loan $30 million to Northern Beef to complete the plant.But Epoch Star wasn't a bank. Instead, it was a company, incorporated in the British Virgin Islands, "solely for the purposes of providing a one-time … [Read more...] about EB-5: Loan relied on secret, offshore investors