Vermont’s massive EB-5 scandal at Jay Peak broke about a year ago, and it isn’t the only federal investments-for-visas program that may be riddled with fraud. But the latest EB-5 scandal involves international politics, foreign fugitives and even a Trump cameo.
The FBI in California raided offices, a townhouse and home associated with The California Investment Immigration Fund alleged to be involved in a substantial EB-5 investment company fraud. The company solicits EB-5 funds mostly from Chinese investors. And the majority of all U.S. EB-5 funds come from Chinese citizens.
Interestingly the FBI raids took place on Saturday while president Trump and Chinese president Xi Jinping were meeting in Florida at Donald’s ersatz palace.
The FBI raids, […] were focused on California Investment Immigration Fund (CIIF), a business allegedly connected to abuses of the controversial EB-5 Immigrant Investor Program that has in recent years fueled a high-end US residential boom and has been widely used by developers including the president’s son-in-law and adviser, Jared Kushner.
Since 2008 attorney Victoria Chan, her father Tat Chan, and Fang Zeng harvested $50 million from more than 100 Chinese investors for CIIF and related companies.
[…] instead of legitimately investing the funds into US businesses, the trio either refunded the funds to the EB-5 investors while their petitions were pending in a way to solicit investors, or stole millions of dollars to use for personal expenditures, including buying million-dollar houses
That list of allegations should sound familiar to anyone who followed the exploits of Jay Peak partners Stenger and Quiros. But as often happens California goes one better because this fraud may involve three fugitives from China – on their most-wanted list – illegally obtaining U.S. green cards.
According to China Daily, among CIIF’s investment green card clients found on the fugitive list are Xu Jin (No. 13) and his wife Liu Fang (No.66). In China they are both accused of embezzlement, accepting bribes, and abuse of power, for which the maximum penalty is death. A third is identified only by the initials “K.L.,” and no crimes the mysterious unnamed fugitive may have committed in China are included.
Not to downplay Stenger and Qurios’ alleged EB-5 fraud at Jay Peak, but strictly in terms of staging and dramatic casting, California’s EB-5 scandal may outclass ours – Vermont just can’t match the international intrigue or top cameo performances by the Trump family.