September 10, 2014
The big picture of the EB-5 scandal in South Dakota is beginning to emerge and it is not pretty
It looks like something on the order of $120 million in EB-5 funds that should be in the state's treasury are missing — a sum in that state that is, to paraphrase the late Sen. Everett Dirksen, real money.
Why moneys paid by EB-5 investors should be in the state's coffers, and why they are in some other, unknown location or locations, is an incredibly complex, South Dakota-only story that neither the local reporters nor the local politicians seem to understand very well. And it is all happening because of a huge gap in the regulation of the immigrant investor program by the Department of Homeland Security (DHS), a variable no one mentions. Read more...