June 6, 2016
I was about to write a posting about two new black eyes suffered by the EB-5 program when a third, and much more significant body blow, appeared on the wire. All are California-based.
The latest news item is that the Securities and Exchange Commission has, yet again, sought to heal a nasty situation that the Department of Homeland Security allowed to fester.
This one involves the raising of $27 million for the support of a cancer center in southern California that would, the promoters said, use proton therapy on patients and create 4,500 new jobs. The EB-5 money, however, did not produce even the start of a building. What it did do was add $7 million to the accounts of Charles C. Liu and his wife, the EB-5 promoters, while another $11 million was sent off to three firms in China. Read more...