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Project Updates

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The federal receiver for Jay Peak and Burke Mountain resorts filed a motion this week in U.S. District Court asking that nearly $18 million in escrowed funds be returned to investors in the AnC Bio research project. In the 191-page filing, ...
Another legal blow was dealt this week to Thomas Henderson, an Oakland businessman known for owning the iconic Tribune Tower and I. Magnin building. The Securities and Exchange Commission, in a federal lawsuit filed Tuesday, alleges Henders...
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Three companies behind a botched Palm Beach real estate project urged a Florida federal court on Friday to toss a suit brought by foreign nationals who allege they were fraudulently duped into investing $50 million into the project in the hope...
The New York City Regional Center is pleased to announce an award of $45 million in New Market Tax Credits from the Community Development Financial Institutions Fund of the U.S. Department of Treasury.  The credits will be allocated to NYCR-CD...
About 35 investors who each put up $500,000 to help fund a proposed $110 million biomedical research facility in Newport that was never built may soon get their money back. Michael Goldberg, the court-appointed receiver overseeing the prope...
Palm House, a condo-hotel project that has been mired in lawsuits and financial trouble, was granted a one-year extension to find financing or sell to a new owner.  The Palm Beach Town Council unanimously approved the extension on Wednesday...
A new cooperative agreement late last year makes Burke Mountain a designated training site for the U.S. Ski Team. It's a move that's already paying dividends.   It's the start of a typical school day at Burke Mountain Academy. These Juni...
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Jared Kushner, Donald Trump’s son-in-law, is all but running foreign policy during Trump’s transition to the Oval Office, while also serving as CEO of his family business and doing deals with a companies closely tied to the Chinese government....
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On the night of Nov. 16, a group of executives gathered in a private dining room of the restaurant La Chine at the Waldorf Astoria hotel in midtown Manhattan. The table was laden with Chinese delicacies and $2,100 bottles of Château Lafite Rot...
PALM BEACH, Fla., Jan. 6, 2017 /PRNewswire/ -- On December 30th, 2016, the Circuit Court of the 15th Judicial Circuit in Palm Beach has granted the receiver, who has been paid for by South Atlantic Regional Center, to receive offers to restruc...
Many of the contractors and subcontractors owed money for their work on EB-5 funded developments projects in Vermont’s Northeast Kingdom will soon have a decision to make about how they will start getting paid. Michael Goldberg, the court-a...
The receiver for Jay Peak Resort will offer partial payment to contractors left with unpaid bills in the wake of one of the biggest cases involving fraud allegations in the history of the federal EB-5 program. In a motion filed this week in...
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PALM BEACH, Fla., Dec. 29, 2016 /PRNewswire/ -- Palm House Hotel, LLLP, the Lender for the Palm House Hotel reconstruction, along with its General Partner, South Atlantic Regional Center ("SARC"), and Joseph Walsh vigorously deny the allegatio...
The litany of woe for contractors involved in the Jay Peak projects keeps growing. Workers have been laid off, lines of credit have been extended and assets needed as collateral have been tied up in loans. Those are just some of the hardshi...
The Brooklyn Navy Yard has just closed $62 million in loans to refinance its debt through the EB-5 program. The loans came in two separate transactions. Sterling National Bank provided a 15-year, $30.75 million loan. Meanwhile, Symetra Life...

EB-5 Articles, Firms, Regional Center & Project Updates

Although many don't know it, South Dakota was the first state in the nation to allow its citizens to petition their government and engage directly in public policy through the initiated measure process. Here's a good example. Two years ago,...
Dale E. Percy, Inc., Mike's Electric, and VHC Company, Inc., are not recognizable business names throughout Vermont. Nor are they in businesses that garner a great deal of attention - notably, ski resorts, maple sugaring, dairy and organic far...
Most people in the EB-5 industry are aware of the problems that arise when a project does not create enough jobs. But are you aware that recent changes to RIMS multipliers by the BEA has made proving job creation much more challenging? Projects th...
In 2016, the Philadelphia lawyers of global law firm Greenberg Traurig, LLP again stood out and were widely recognized for providing cost-effective strategic advice and advocacy to firm clients. As the firm’s Philadelphia office approaches its...
More than half of all investors who received green cards through the federal EB-5 investor program between 2009 and 2014 chose to live in California, according to the Department of Commerce. Between 2009 and 2014, more than 8,000 EB-5 inves...
A mere week before Donald Trump’s inauguration as president of the United States, the Department of Homeland Security (DHS) added fuel to the fire of political uncertainty by proposing a series of changes to the ever-controversial EB-5 immigra...
At the request of U.S. Citizenship and Immigration Services (USCIS), the Economics and Statistics Administration (ESA) of the Department of Commerce conducted an assessment of the EB-5 Program to determine its size and its contribution to the ...
Gov. Phil Scott is looking to consolidate some areas of state government in a bid to create operational efficiencies and some potential cost savings, but critics say it could weaken enforcement in a key area of government. Scott, who took o...
Some Democratic lawmakers are expressing skepticism over a plan from Republican Gov. Phil Scott to merge the Department of Labor and the Agency of Commerce and Community Development. During his campaign for governor, Scott vowed to overhaul...
Governor Scott today announced more appointments to his extended cabinet and key policy directors within his Administration. “I’m pleased to add each of these talented individuals to my growing team,” said Governor Scott. “My entire cabinet...
The Securities and Exchange Commission today announced fraud charges against an Oakland, Calif.-based businessman accused of misusing money he raised from investors through the EB-5 immigrant investor program intended to create or preserve job...
On Jan. 12, 2016, the Department of Homeland Security (DHS) issued a Notice of Proposed Rulemaking (NPR) seeking to amend the current EB-5 regulations. As required by the Administrative Procedures Act, DHS has posted the NPR to the Federal Reg...
A judge will determine if state redaction of records about the state’s EB-5 program complies with public records law. VTDigger requested communications between the Vermont EB-5 Regional Center and a federal agency. The state at first refuse...
The inauguration of  Donald Trump as President of the United States in a few days is not only impacting the American political landscape, but has also sparked a cabinet shuffle in Canada. From an immigration point of view, Trump's policy relat...
A Florida shopping center that says Ariel Quiros owes $86,721 in back rent for his now-shuttered Key Biscayne restaurant has received approval to throw him out. Quiros, facing state and federal investor fraud lawsuits stemming from developm...
Newly unsealed records from Gov. James Douglas’ time in office reveal few doubts and high hopes for proposals from a Jay Peak developer that were projected to bring thousands of jobs to the economically struggling Northeast Kingdom. The rec...
The outgoing Obama administration has raised the upfront investment required to get citizenship via the fraud-wracked EB-5 visa program from $500,000 to $1.35 million. The entire EB-5 program should be abolished, but the price hike is an ex...
“Dargey fraud adds strike against foreign investor program EB-5”: I’m curious what the other side of the story is, typically there are right and wrong on both sides. Our local politicians are well educated and are mostly reasonable, they along...
More than 400 foreign investors whose quest for U.S. residency was derailed when they were defrauded by the developers of Jay Peak may soon get some relief. The U.S. Department of Homeland Security is proposing a rule change to the EB-5 imm...
A federal judge has frozen the assets of an Orange County firm accused by officials of defrauding foreign investors who were seeking permanent U.S. residency. In late December, the Securities and Exchange Commission filed a civil suit again...

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