A Glance in the Rearview Mirror
W
e 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.
DR. ARTHUR B.
LAFFER
EB5 Investors Magazine Interview
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.
“EB-5 will likely be seen many
years from now as the catalyst
for a great deal of economic
growth and prosperity. The
CMB Regional Centers
Midwest Executive Offices: 7819 42nd Street West, Rock Island, IL 61201 USA
Phone: (309) 797-1550 ∙ Web: cmbeb5visa.com ∙ Email: [email protected]
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EB5 INVESTORS MAGAZINE
reason I’m so confident in
EB-5’s success is that all of
the program’s incentives are
correctly aligned.”
WWW.EB5INVESTORS.COM
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