A Glance in the Rearview Mirror
We at CMB have a simple philosophy, and that is to take care of the EB-5 petitioner and their family. If this is done properly, the goals of all other stakeholders in the EB-5 program will be accomplished as well.
In 2010, at the California Service Center, Patrick F. Hogan warned the USCIS and other industry stakeholders that there needed to be proper oversight of the EB-5 program or“ we, as a group, will commit suicide,” which recent fraudulent events seem to have proven these words to be true.
In 2011, Patrick F. Hogan provided written testimony to Congress outlining problems within the EB-5 program and warned of the abuses and failures he believed would follow and again time has proven this to be true!
In 2013, Patrick F. Hogan warned then Director Mayorkas that TEA abuse was rampant, and provided empirical evidence of this fact to the Director during a publicly broadcast meeting.
The misuse and abuse of Targeted Employment Areas( TEA) continues to plague our industry. The practice of TEA abuse continues completely outside the law and regulations. Runaway referral fees threaten the very life of the EB-5 program because the focus is no longer upon a well structured project rather prospective EB-5 investors are seemingly sold like cattle to the highest bidder. Many practitioners within our industry have either lost their focus, or they have never understood where their focus should be( upon the client). Either way, these are dangerous practices that should not continue.
CMB calls upon those within our industry, including Congress and the USCIS, to reset our priorities and put the EB-5 petitioner and their family at the top, where they should be.
CMB Regional Centers
Midwest Executive Offices: 7819 42nd Street West, Rock Island, IL 61201 USA Phone:( 309) 797-1550 ∙ Web: cmbeb5visa. com ∙ Email: info @ cmbeb5visa. com
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EB5 INVESTORS MAGAZINE