[W]hile it was originally well-intended, the EB-5 program has too often been prone to instances of fraud and abuse, with foreign investors exploiting our system, undermining our laws and ultimately buying their way to citizenship without fulfilling their required contributions to the American economy as required by law.
Integrity measures outlined in pending Department of Homeland Security laws and past reform bills floated in Congress could help root out cases of abuse of the program before they spiral out of control. But there are few signs that the government is moving any closer to such reform.
Kushner Cos., the New York property development business owned by the family of White House senior adviser Jared Kushner, has been subpoenaed by New York federal prosecutors regarding its use of an investment-for-immigration program, according to people familiar with the matter.
The most serious concerns raised by whistleblowers centered on national security. Internal records show officials inside the Department of Homeland Security had begun looking into the possibility that the EB-5 program was “abused by Iranian operatives to infiltrate the United States.”