The Sixth Circuit last week concluded that Morrison, which held that Section 10(b) does not have extraterritorial reach, is inapplicable to Advisers Act Section 10(b). The DC Circuit, on rehearing, reaffirmed its prior...more
The EB-5 program is supposed to provide a path to a permanent green card. The program was designed to create that path for foreign national who invest specified sums in the U.S. that create jobs – a win win for everyone....more
Under the Dome: Inside the Maine State House provides a high-level overview of recent activity at the Maine State House.
House District 19 Special Election -
On November 3, 2015 the citizens of Sanford can take...more
Popularity of the EB-5 Immigrant Investor Program has surged in recent years among foreign investors from mainland China. As a result, the demand for EB-5 visas by foreign investors born in mainland China has exceeded total...more
I. USCIS Issues Guidance on When an Amended H-1B Petition Is Required After Matter of Simeio Solutions, LLC -
On July 21, 2015, the U.S. Citizenship and Immigration Services (“USCIS”) released a policy memorandum...more
Many of Julie Ferguson’s immigration law clients are entrepreneurs seeking to launch startups in the United States. They come from all over the world, but Ms. Ferguson, who practices in Miami, sees especially high numbers...more
Cutoff dates for EB-2 China and India retrogress to January 1, 2006. Cutoff dates for EB-3 China, India, and the Philippines advance to December 22, 2004....more
Earlier this month, the White House released a review of the United States’ immigration policies in a report entitled, “Modernizing & Streamlining our Legal Immigration System for the 21st Century.” The Report highlights key...more
The Obama Administration released a report on July 15 titled “Modernizing & Streamlining our Immigration Legal System for the 21st Century.” The Report, which builds upon the President’s executive action on immigration...more
On July 6, the Securities and Exchange Commission filed a complaint in connection with a $68 million affinity fraud scheme allegedly orchestrated by Bingqing Yang, through her wholly owned management companies, Luca...more
On July 14, 2015, the House Judiciary Committee met to discuss oversight of the United States Department of Homeland Security (DHS). Immigration was a major topic alongside border security and global threats of terrorism,...more
Cutoff dates for EB-3 Philippines available, but backlogged to 2004. Cutoff dates for EB-3 China backlogged to 2004, while cutoff dates for Mexico and the rest of the world advance by three and a half months. Cutoff dates for...more
On Monday July 6, 2015, the Securities and Exchange Commission (the "SEC") charged Luca International Group, LLC, a San Francisco area oil and gas company, and its affiliated companies ("Luca") and certain of its executives,...more
The Securities and Exchange Commission (the “Commission” or “SEC”) has become increasingly active in enforcing alleged violations of U.S. securities laws arising under the EB-5 Immigrant Investor visa program. EB-5...more
With the impending expiration of the Immigrant Investor Visa Program, also known as EB-5, in September, bipartisan legislation has been proposed in Congress to renew and improve the Program. The proposed changes could...more
Action Item: In what is expected to be the first of many cease-and-desist orders made by the SEC against brokers handling investments in EB-5 investment projects, all EB-5 organizers and sponsors, through their due diligence,...more
The Ninth Circuit upheld a conviction for illegal tipping, following Dirks but raising doubt regarding its adherence to Newman in an opinion authored by Judge Rakoff, sitting by designation.
The Commission filed settled...more
The proposed Senate Bill reauthorizing the EB-5 Regional Center Program would restrict the types of projects that can be funded with EB-5 financing and amount of funds that can be raised with EB-5 financing.
On June 23, 2015, the Securities and Exchange Commission (“SEC”) announced that it had entered into an Offer of Settlement with Ireeco, LLC and Ireeco Limited, finding that their activities constituted a violation of Section...more
Created by the Immigration Act of 1990, the Immigrant Investor Program, more commonly referred to as the EB-5 program, offers foreign investors an opportunity to secure permanent residency in the United States by making a...more
The EB-5 program, which promises a path to a permanent green card for those who can invest in this country and create jobs, has been involved in a number of SEC enforcement actions, most recently involving unregistered broker...more
On June 23, 2015, the Securities and Exchange Commission (SEC) charged two companies with unregistered broker activity related to EB-5 visa investments. SEC alleged that the companies brokered more than $79 million in EB-5...more
This is a good news story for once. But, of course, since the father of this soupcon of good news is our government, it’s almost unintended.
From the ashes of the economic recession of 2008 came the rebirth of the...more
The SEC brought another custody rule action this week – against the outside auditors alleging that one examination was insufficient and the others incomplete thereby causing the client to violate the surprise audit...more
In an important development affecting the EB-5 financial community the SEC has imposed a cease-and-desist order with respect to fund raising activities conducted by two unregistered brokers and related persons in connection...more
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