The U.S. Securities and Exchange Commission has once again brought civil fraud charges against an alleged abuser of the EB-5 immigrant investor program, which offers U.S. visas to foreigners who invest in U.S.-based development projects that meet certain standards, including job creation.
In a complaint unsealed last week in U.S. district court in Los Angeles, the commission charges a California couple, Charles Liu and Xin “Lisa” Wang, with misusing the program by pocketing two-thirds of the $27 million they raised from at least 50 Chinese investors through EB-5 visas.
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