The U.S. Securities and Exchange Commission is coming down on immigration lawyers acting as unregistered brokers, according to Douglas Hauer of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo in this recent blog post. The problem centers on EB-5 investments, which according to U.S. Citizenship and Immigration Services, allow entrepreneurs (along with their spouses and children) to be eligible for permanent residence.
This week, the SEC issued a press release announcing enforcement actions against lawyers across the country offering these EB-5 investments without being registered to act as brokers. “Individuals and entities performing certain services and receiving commissions must be registered to legally operate as securities brokers if they’re raising money for EB-5 projects,” said Andrew Ceresney, director of the SEC Enforcement Division, in the release. “The lawyers in these cases allegedly received commissions for selling, recommending, and facilitating EB-5 investments.”
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