What is apparently NOT reported by many news outlets is that the lobbyists for Sam Nazarian's casino are employers of Harry Reid's son, Rory Reid. The EB-5 visa investors who were interested in renovating the SLS Hotel — which was earlier known as the Sahara. SLS Hotel is represented by Sen. Reid’s son, Rory Reid, who works at the law firm Lionel, Sawyer & Collins. In their 2012 “Year in Review,” the Nevada firm hyped “the benefit of working with Rory Reid of Lionel Sawyer & Collins.” In politics, bribes are quite often disguised as campaign contributions or business sent to employers of relatives (kids, spouses, siblings, etc.) or even directly employing the relatives (such as a former president's daughter getting employment at inflated salaries that she didn't deserve).
Read more: http://dailycaller.com/2013/12/12/harry-reid-personally-pressured-dhs-on-behalf-of-sons-casino-project/#ixzz2nVhKJoCP
It is now believed that DHS OIG is reviewing the EB-5 visa petitions that were filed on behalf of American Dream, and it is expected that the EB-5 visas granted due to political pressure on behalf of Mr. Sam Nazarian's casino will be revoked and any pending petitions will be denied as well. What started out as a dream could well end in a nightmare for the EB-5 visa investors who chose to invest in the casino project, and it is believed that several Republican senators are going to use this case as a legitimate opportunity to permanently ruin Harry Reid's career in retaliation for the removal of the filibuster. The chances of Mr. Reid, Mr. Nazarian and a certain LA based attorney going to prison seem quite high as it is believed that the funds were proceeds of illegal offerings and sale of securities AND the funds were laundered before being invested in the casino, which has attracted the attention of 5 federal agencies.
ICE also came up with their own proposals to end the regional center program due to fraud issues. The proposed ICE - HSI recommendations are mentioned in Senator Grassley's website at www.grassley.senate.gov/judiciary/upload/EB-5-12-12-13-ICE-memo-security-vulnerabilities.pdf and they clearly mention 3 proposals that will shut down regional centers PERMANENTLY. These changes are expected to be made within the next 15 months as the Senate and House will be controlled by Republicans from next November onwards (and yes, you can bet your bottom dollar on it)! The legislative changes proposed by HSI were: "(1) doubling the minimum investment amount, (2) limiting the program to allow only active investors involved in managing and directing a business enterprise, and (3) eliminating the consideration of induced jobs for meeting the requirements of the program. The HSI memo makes clear that overall, HSI believes the Regional Center model has significant flaws and should be abandoned: “The principal change proposed by HSI was that the Regional Center Model be allowed to sunset, as HSI maintains there are no safeguards that can be put in place that will ensure the integrity of the RC (regional center) model.” ICE even says: "In addition to the information gap on EB-5 beneficiariesm there are procedural issues associated with the approval and operation of RCs that lead to vulnerability. The HSI review has uncovered serious concerns about the credibility of the RC platform. The nature of indirect job growth is problematic, and based almost solely on a RC's job creation methodology as described in applications to USCIS. HSI conducted research using job creation statistics used by large corporations and the U.S. government stimulus package, and has reason to believe that the RCs are greatly exaggerating their indirect and induced job creation figures. By not having to provide evidence of jobs directly created, the RC inherently creates an opportunity for fraud, where the business goal can be initiating projects that give the appearance of creating job growth, with the sole intent to meet USCIS criteria rather than produce jobs."
EB-5 visa seekers should remember that Genuine Direct Investment businesses are THE BEST option to get the EB-5 visa quickly, safely and usually profitably for the following reasons:
- Faster processing and approval times.
- Easy exit strategy.
- Investors usually get a much higher Return on Investment.
- Investors usually get a much higher Capital gain, whereas regional center investors usually get capital losses.
- Our clients have a 100% approval rate of I-526 and I-829, while those who choose regional centers or other partnerships don't.
- Our clients have very little risk as we conduct extensive due diligence and work hard to prevent fraud and conflict of interest, whereas regional centers and partnerships are overrun with fraud and conflict of interest.
- Full control of business and capital, which helps prevent fraud, conflict of interest and losses.
- Our clients ALWAYS have full control of their business and their money. Those who choose regional centers and partnerships usually have to kiss their money goodbye, and are STUCK for 5-9 years.
- We offer a written guarantee of freedom from fraud and conflict of interest, whereas our competitors usually don't offer this guarantee.
- We offer a written guarantee of FULL disclosure of material facts on an ongoing basis, whereas our competitors usually don't offer this guarantee.
- We offer a written guarantee of full fee refund in case a client is rejected due to our team's fault, while our competitors usually don't offer this guarantee because they are incompetent cowards who are unsure about the quality of their work.
- Since 2004, our clients have NEVER been denied at the I-526 and I-829 stage, and have NEVER suffered operating or capital losses, and have usually earned over 22% annual Return on Equity because of our focus on due diligence and our extensive efforts to reduce risk by preventing fraud and conflict of interest. Try finding a regional center or partnership that boasts of this record.
- We are quite objective in our assessments, and owe a fiduciary duty to our EB-5 visa investor clients, while those who sell regional center and partnership securities usually do not owe fiduciary duties to EB-5 visa investors. In plain words, we are required by law to put our clients interests first, and we do so because it helps us more than it helps our clients! We advise our clients diligently and help them make solid decisions.
- We are probably the ONLY firm that actually encourages our clients to always stay in full control of their business and their funds at every stage as this helps us avoid escrow accounting and reduces potential for fraud, embezzlement and litigation.