Feds Seek Property Seizures in Green Card Scam – NMP Skip to main content

Feds Seek Property Seizures in Green Card Scam

May 30, 2017
Federal prosecutors have filed civil complaints seeking the forfeiture of residential and commercial properties in Southern California that were allegedly purchased with the proceeds of a scheme to bilk more than $50 million from foreign investors seeking

Federal prosecutors have filed civil complaints seeking the forfeiture of residential and commercial properties in Southern California that were allegedly purchased with the proceeds of a scheme to bilk more than $50 million from foreign investors seeking U.S. residency through the EB-5 visa program, more commonly known as the “green card” program.
 
In nine lawsuits filed last week in U.S. District Court, prosecutors charged that the money was collected from more than 100 Chinese nationals between 2008 until this year by California Investment Immigration Fund LLC (CIIF), which is run by attorney Victoria Chan and her father, Tat Chan. The lawsuits also allege that the Chans used the proceeds of this scheme to purchase a commercial property in the City of Industry valued at over $3 million, plus residences in five southern California cities worth a total of $9.5 million and land parcels in three cities worth nearly $14 million. The asset forfeiture complaints were filed by Assistant United States Attorney Jonathan Galatzan of the Asset Forfeiture Section.
 
“Rather than legitimately investing the funds into American businesses, CIIF either refunded the funds to the EB-5 investors, while the investors’ EB-5 petitions were pending, in direct violation of the EB-5 program, or stole millions of dollars to use for personal expenditures, including buying million-dollar homes,” according to the lawsuits, which added that “many foreign nationals were able to improperly obtain U.S. green cards.”

 
About the author
Published
May 30, 2017
MISMO Updates Mortgage Insurance Standards To Support FICO 10T, VantageScore 4.0

New implementation guide standardizes mortgage insurance data exchange, helping lenders, insurers and technology providers prepare systems for newer credit scoring models

Congress Weighs New Roadmap To End Fannie, Freddie Conservatorship

Rep. Scott Fitzgerald's three-bill housing package would establish a statutory framework for releasing the GSEs while expanding construction lending and easing some TRID compliance requirements

CHLA Backs Bank Capital Proposal, Questions Impact On Mortgage Lending

Trade group supports lower mortgage risk weights but says broader market forces — not capital rules — drove banks' retreat from the market

Senate Passes 21st Century ROAD To Housing Act In 85-5 Vote

Sweeping housing package heads back to House after Senate clears final version with broad bipartisan support

MISMO Updates Business Glossary To Support AI, eMortgages

New definitions covering eHELOCs, remote online notarization, valuation modernization, and compliance initiatives aim to improve consistency

Underwriters Don’t Slow Down Loans. They Eliminate Uncertainty.

ndustry’s biggest bottleneck is not underwriting itself — it is the uncertainty that reaches underwriting too late in the process. When validation happens upstream, speed follows naturally.