SEC launches investigation into Jared Kushner's real estate company for its use of the government's visa program that grants green cards to wealthy foreign investors
The Securities and Exchange Commission is investigating the real-estate company run by the family of President Donald Trump's senior adviser and son-in-law Jared Kushner for its use of a federal investment-for-visa program known as EB-5, according to people familiar with the matter.
The SEC is probing Kushner Companies over its use of the EB-5 program, which provides green cards to immigrants who invest at least $500,000 in certain USA businesses.
US regulators and prosecutors have requested information from the real estate development business run by Jared Kushner's family over a program that allows wealthy foreigners to obtain visas for investing in American projects, said two people with direct knowledge of the matter.
EB-5 offers foreigners green cards - permanent residence - in exchange for investing $500,000 in certain USA businesses that create at least 10 jobs per investor. That month NY federal prosecutors also subpoenaed the company separately regarding development projects financed in part by the program, the Journal reported previous year.
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The exact subject of the SEC´s inquiry, or whether it identified particular projects, is not clear, the Journal reported.
Kushner Cos is not a publicly traded company but the EB-5 is considered a securities offering, the Journal said, hence the SEC's interest.
The program is also susceptible to massive fraud schemes.
The Securities and Exchange Commission has joined an investigation into Kushner Cos., the real estate company owned by the family of White House senior adviser Jared Kushner. In several cases in recent years, US -based real estate developers have collected hundreds of millions of dollars from unsuspecting foreigners for projects that never materialize or were outright fabrications from the start. The Kushner Companies drew scrutiny last May over a push to attract wealthy Chinese investors to that project by touting EB-5 visa opportunities. After joining the Trump administration in an official capacity, he resigned from the company and sold some of his assets to family members. In a statement, the Kushner Companies said they had used the program properly and were cooperating with requests for information.
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