TOP LITIGATION AT TORNEYS
SCOTT ANDERSEN
ANDERSEN, P.C. | PRINCIPAL
Scott Andersen is principal
at Andersen, P.C., a securities
regulatory and defense law firm.
Andersen was formerly deputy
regional chief counsel at FINRA,
where he oversaw all FINRA
enforcement cases prosecuted by the Los Angeles office.
Andersen has broad experience with regulatory investigations
and enforcement actions as a 19-year plus securities
regulator. He has led complex criminal and civil prosecutions
for the N.Y. state attorney general's office, the NYSE and
FINRA. He has represented EB-5 participants, including a
regional center, EB-5 issuer and a market intermediary in
investigations conducted by the SEC and FINRA.
WHAT TRENDS ARE YOU SEEING
WHEN IT COMES TO EB-5 LITIGATION?
The SEC and other regulators continue to have great interest
in the EB-5 space to ensure compliance with the federal
securities laws. The SEC is focused on whether EB-5 offerings
are properly registered with the SEC or meet an exemption to
registration. The SEC also continues to review offerings for
fraud, including ensuring that investment proceeds are being
properly utilized, as well as probing offerings for unregistered
broker-dealer activity. FINRA is closely monitoring its broker-
dealer members and their associated persons for compliance
with these issues as well as applicable FINRA rules such as
suitability, AML, advertising, due diligence and supervision.
WHY DID YOU GET INVOLVED
IN THE EB-5 INDUSTRY AND
WHAT DO YOU HOPE TO ACHIEVE?
The EB-5 Immigrant Investor Program provides overseas
persons who invest in the U.S. a potential path to becoming a
U.S. resident. I was immediately attracted to the program and
quickly understood that many immigration and real estate
professionals involved in EB-5 programs did not have
sufficient experience with U.S. securities laws and regulations.
I was interested in helping participants understand the
applicable requirements to ensure their securities offering
complied with all statutes and rules. Often this involves
addressing errors previously made to bring a program into
compliance with applicable U.S. securities laws.
BOB CORNISH
WILSON ELSER MOSKOWITZ EDELMAN & DICKER LLP | ATTORNEY
Bob Cornish is a securities
at torney with Wilson Elser
Moskowitz Edelman & Dicker
LLP, an AmLaw 100 member
based in Washington, D.C. For
nearly 25 years, Cornish has
participated in cutting-edge securities litigation matters
for institutional investors, family offices and industry
participants. Among such matters include his work in the
liquidation and reorganization of bankrupt broker-dealers,
FINRA and SEC enforcement proceedings, as well as the
mediation and arbitration of securities-related disputes. In
the EB-5 arena, he has been a leader in developing dispute
resolution solutions for regional centers and investors,
including litigation funding. Cornish is a member of the EB-5
Securities Roundtable and AV rated by Martindale-Hubbell.
WHAT TRENDS ARE YOU SEEING
WHEN IT COMES TO EB-5 LITIGATION?
The wave of popularity in EB-5 has created litigation challenges
for both investors and industry participants. Many are facing
issues as creditors (and perhaps debtors) in U.S. bankruptcy
56
EB5 INVESTORS M AGAZINE
courts, which by their nature complicate the litigation precepts
upon which decisions are customarily made. This dynamic has
led to people seeking counsel as the members of a group of
litigants, rather than individually, to preserve assets and
perhaps immigration benefits with a particular emphasis on
cost sensitivity. This will not only continue in the area of failed
or troubled projects, but also for those projects facing
redeployment issues caused by retrogression.
WHY DID YOU GET INVOLVED
IN THE EB-5 INDUSTRY AND
WHAT DO YOU HOPE TO ACHIEVE?
I had the pleasure of being introduced to the concept of EB-5
by my former colleague and good friend, Rana Jazayerli, a
well-known immigration attorney in Washington, D.C. My
former law firm was looking to grow its base of work into
immigration but was hesitant to do so. When we met Rana,
the entire securities world of EB-5 seemed to appear right
before our eyes. I was particularly intrigued about the
convergence of securities law and immigration, and saw
many opportunities to apply my skills as an attorney and
compliance professional in the EB-5 arena.