250 investors injured in alleged false propaganda

Comics Nimeng recently, the immigration industry has been a storm, has been the ROC Immigration, WTO immigration and other domestic immigration agencies to promote the promotion of the "Chicago Convention Center" project, was classified as fraud by the Securities and Exchange Commission, and filed a lawsuit in the district court. In what is known as the "biggest scam in the history of American investment immigration", there are 290 victims, of whom 250 are from China. This reporter survey found that, including the ROC immigration agents in the promotion of the project has taken a variety of false publicity means to deceive investors trust, the incident exposed the problem of the integrity of the immigration intermediary industry concern. -Events of the popular immigration project in early February this year, the Securities and Exchange Commission announced on its website that American businessman Seth created the Chicago Convention Center and the Chicago Intercontinental Regional Center Trust two companies, a total of 250 Chinese investors to defraud 145 million U.S. dollars in investment costs and 11 million U.S. dollars in management costs, is " The biggest scam in the history of America's investment in immigration. The SEC said in an indictment to the court that Seth "deliberately misled and used false information to defraud foreign investors of funds", the operation of the project there are many fraud. First, the project party claims to have a franchise agreement with Starwood Hotels, Intercontinental Hotels and Hyatt Hotels, but the concession agreement between Starwood and Intercontinental Hotels and project parties was terminated before the project was established, and the agreement with the Hyatt Hotel was non-existent. Second, the project party claimed to have been ground-breaking in the summer of 2012, but in the Chicago Building permit database, there was no permission to start, and the land valuation of the project was grossly overvalued. In addition, the 29-Year-old Seth claimed to have more than 15 years of real estate development and management experience, the so-called 35 years of operating experience developers in fact, 2010 years before the establishment. And its employment forecasts are heavily flooded, and employment plans are simply impossible to achieve. According to its prospectus, the hotel's construction cost is estimated to be 740,000 USD per room, far exceeding the level of the industry, but in the local hotel market is already saturated, its investment assumptions return to the Hundred room occupancy rate, not only against the local situation, but also seriously against common sense. At the same time, the project claimed to have received some 340 million dollars of support from the Illinois State government and provided the immigration authority with forged documents proving its source of funding. 250 of Chinese investors have been damaged by Seth's packaging, a porous project that has been transformed into a powerful, lucrative and government-backed project that has been recommended by many of the country's immigration agents. Until it became known, 250 of the 294 investors recruited globally were from China, and each received more than $40,000 in administrative fees, in addition to the $500,000 in investment. In the aftermath, the SEC's Securities and Exchange Commission has frozen the assets of Seth and its two companies, retaining billions of dollars in investment, but investors have spent 90% of their 11 million dollars in managed costs. At present, although the property of Seth has been frozen,For investors, because most of the management fees are squandered, they can only recover the investment money, lest suffer huge losses. Fortunately, before the I-526 (conditional green card) is available, investors ' $500,000 trillion in investment money is still in the regulatory account, that is to say, more than 95% of the money is safe. Analysis of the industry, at this time to find the project and an emergency call, is still a good thing, if later, investors ' money is likely to be wiped out. However, when the 500,000 dollars can return the money, the industry is not predictable. It is reported that the United States such as the Chicago Convention Center, such as the U.S. Investment immigration program is the U.S. immigration law for overseas investment immigrants set up by the immigrant visa category, referred to as "EB-5" (employmentbasedfifthpreference), To attract overseas investment immigrants to the United States to invest and create jobs. Under the scheme, foreign immigrant applicants are required to invest in the United States with a minimum of $500,000 trillion in creating enterprises and create 10 jobs, which can be granted a two-year conditional immigrant visa and can be applied for "removal of conditions" for a period of two years and become permanent residents. EB-5 's requirements for applicants are fairly loose, with no restrictions on business background, age, education, or language proficiency, as long as they prove that their investment funds are legally obtained. One person applies, the spouse and unmarried children under 21 years of age can obtain a green card at the same time. -Investigating how many intermediaries have tried to promote the most Chinese investors who have been cheated by the project? A reporter survey found that the Chicago Conference Center project started in China when the subscription, a number of immigration agencies have worked hard to publicize. In the propaganda of some immigration agents, the Chicago Convention Center project was advertised as "the governor's personal presence in the promotional EB-5 project", "the most popular American immigrant EB-5 project", "the largest project in the history of EB-5 investment in the United States, with government investment of 55% of the total project investment, The hotel will also be built as the 10th Carbon Hotel in the world. In September 2011, winnerxing, president of the World Trade Organization, had participated in the official Conference of the project with Seth, and since then, the WTO announced that it had become the sole principal agent of the "Chicago Convention Center in China" and described it as "the only 0 carbon-friendly hotel conference center in the World", " There is no question of investors being unable to get a permanent green card, "and basically resisting any future financial risk of a poor U.S. economy" ... Through dazzling packaging publicity to describe how the project is reliable and assured. Reporter in the interview found that EB-5 investment project risk in the industry has long been consensus. A number of industry insiders said that if the EB-5 investment projects without risk, it is impossible to be approved from the Securities and Exchange Commission, is not as the WTO has declared the "safest", "no risk." Why do immigration agents do so much to promote investment in immigrant projects? People with years of experience in the industry have revealed that this is due to the lucrative return of the immigration intermediary. Industry insiders, eachSingle immigrant intermediary, the requirements include investment costs of 500,000 U.S. dollars and other costs of about 100,000 U.S. dollars, other costs include project issue fees, fund management fees, application fees, legal fees, property assessment fees, intermediary service fees, the overall cost of about 600,000 dollars. Fraud turned into a crisis PR it is understood that the fraud incident in China, the victims of 250 investors, including 100 Beijing investors. After the incident, the original efforts to promote the project or agents of the project and some investors involved in the immigration agencies, have begun to clear the responsibility. For example, the WTO immigration, once the "sole agent" of the Chicago Convention Center, announced on its website that it had found a lot of doubt about the project in 2011 years, and resigned as the sole principal agent for the project. The flying immigrants, however, said they promised to advance 500,000 dollars to the damaged customers within one months. There are senior industry people are very contempt for these acts, "the emergence of such a problem first to admit that they have done wrong, rather than shirk the responsibility, or to other peers splashed dirty water, these are very not mind and bear the performance." "Peng suspected to promote fraud in 2011, the Chicago Convention Center project just to promote the country, the ROC International migration's Mister Hu Airlines has been and the Chicago Conference Center project director Seth, as well as the project China Chief representative Davidwang together, as" investment immigration experts "in the identity of" U.S. Investment Immigrants Chicago Conference Center project high-end lectures, and in the form of video in Sohu public. In the lecture video, Hu Weihai the project, he said: "This project has great advantages." This month, the top executives of the ROC International have visited the United States for the second time. The project has received strong support from the Government, supported by state and municipal governments and even the federal government, reflected in tax incentives, low-interest loans and direct capital injections by local governments. The safety factor will be higher than other projects that are not supported by the government. "And he also said that Governor Illinois State had personally led a powerful government delegation, including parliamentarians, to the launch of the project, and that the government's support was strong enough to be his" first time in business. " In addition, he also talked about a lot of visits to the United States on the project experience, such as from the airport to the project address is only 2 kilometers, the location is very advantageous, in the car park to see parking is full, the original hotel occupancy rate of up to 95%, has been the state government's strong support, direct injection and so In addition, Hu announced during their visit to Chicago that they also had a better understanding of the team at the Chicago Convention Center project. His evaluation is "the project team is very good, very diligent, fruitful, and really have a group of EB-5, understand the economy of experts, understand legal experts," There is reason to believe that the Chicago Conference Center project is a very good EB-5 investment project, is a very dazzling star project recently. "So far, in Hu Airlines Sohu blog, stillIt retains the link to the video interview. -Many investment immigrant applicants are misgivings after the storm that has affected the EB-5 project or will encounter a cold Chicago convention center. Huge capital risk and time cost, let many applicants to EB-5 investment immigrant project to be deterred. In this regard, industry insiders said that the United States EB-5 investment projects are very many, but more than 95% are not reliable, because EB-5 for the regional center after the approval, how to raise funds overseas and do not have a complete set of implementation details. It is possible to apply for the material of the regional Center is true, after the legal approval, but in the process of fund-raising, in order to achieve their own purposes, do a lot of false packaging and untrue commitment. The collection of funds is very thick and pure English, which is very challenging for both domestic applicants and immigration agents. The Chicago Convention Center event itself is very bad, but more attention should be paid to the information conveyed by the US Securities and Futures Commission (SFC): All companies or individuals who apply for regional centres and raise funds in the name of EB-5 investment migrants should be more cautious and honest, otherwise they are likely to be sent to prison. Since 2005, after the EB-5 investment immigrant project re-enter the market, a total of 8 years time, the regional center from then more than 10 to become now 220, the applicant also from dozens of at that time increased to tens of thousands, the queue handing time also from the previous Shine, extended to 1.5. The emergence of the "major fraud" incident has been a wake-up call to a swarm of immigration intermediaries: Not everyone can be an immigration agent, and if there is a problem, the consequences will be serious. Immigration agents began to rethink through this serious immigration fraud, many people in the immigration industry began to rethink. Immigration agencies need to be clear about what they should do and what they should not do, the source said. The task of an immigration agency is to help investors identify and help them successfully acquire immigrant status, rather than overly biased commentary on an immigrant project. But many immigration agents have said that Chinese investors are actually too dependent on the immigration companies, because there is no language communication barriers with immigration agents, immigration agents are guaranteed to have a deposit qualified. Therefore, it is very difficult for immigration agencies to directly tell customers that "the project is good or bad you see, I just intermediary services." However, many senior immigrant intermediary staff believe that before commenting on a project, should be based on in-depth analysis of the project, after verifying the authenticity and legitimacy of the project, rather than deceive investors, excessive packaging and commitment, "in fact, a lot of verification work a phone can do." However, many in the industry also admitted that the Chicago Conference Center project is not an assessment of their own problems, but the project side there is deliberate fraud. These frauds are hard to find through routine project analysis. "This also sounded a wake-up call to the immigration agencies, in addition to the concern can protect investors to get green card and investment money can be returned in full, the future will have to pay attention to the risk of developers study." -Experts comment on the urgent need to complete the immigration intermediary industryDayton Standard Chicago Conference Center in the United States after the incident in the immigration intermediary industry caused a great shock, and some intermediary agencies in this matter exposed to various problems, but also once again aroused public concern about the integrity of immigration intermediaries. Relevant experts said that the Chicago Conference Center incident will not be an isolated case, to avoid the recurrence of this matter, the need for the immigration intermediary industry to regulate the rectification. Scandal exposes industry credit crisis Beijing Shilini, chief advisor to Beijing Oriental Jie San Consulting Co., said the Chicago conference Center incident was a scandal that took place in the immigration intermediary industry. This matter has fully exposed the current China's entry-exit service market lack of self-discipline, integrity of the status quo. It is precisely because some intermediary agencies are not responsible for propaganda, the production of false news, after the incident did not actively solve the problem, but to use the matter for two of hype, these profit, irresponsible reports on the incident has played a role in fuelling. Shilini said that the domestic intermediary agencies for the EB-5 project, the introduction of the description is very perfect, the risk is very little mentioned. More than 220 regional center projects have been approved in the United States, hundreds of projects have been established and will become regional center projects. These projects are mixed, mixed, need investors open eyes, vigilance, learn to fully rational analysis and judgment. As early as a few years ago, including industry associations have issued a risk hint, to the community to reveal some cases of non-compliance, but there are some not in place in the publicity, so many applicants do not see, read, need to further strengthen positive and positive guidance. "The Chicago Convention Center is not the first and not the last." "Shilini admits that at present, China has not yet established a nationwide self-regulatory and normative organization for private entry and exit services, and the provincial and municipal trade associations can only act in accordance with the regulation of supervision, can not play a substantive self-regulation, self-discipline, or even punishment." In foreign countries, such cases have been rare because they have established a set of normative punishments. In Canada, for example, if there is a forgery or fraud in the intermediary, it will be sentenced to two years of criminal sanctions, but also punishable by a fine of 50,000 plus coins and credited to the personal integrity record, the offender can no longer engage in this industry. In contrast to China, the current regulation of immigration violations in China is mainly mediated by intermediaries who have no corresponding restrictions on the individual, so that the quality of the practitioners is mixed, some are not even trained to understand the immigration policy, they rushed to the office. As a result of the lack of assessment and discipline of practitioners, even if there have been some irregularities during the work, once he leaves the company, he will not pursue his responsibilities, or even be able to take office in the industry. Because of the current violations of employees, fraud, bad service caused by the punishment is very small, leading to the whole industry has been blind pursuit of benefits, the development of various strange phenomena. Investment migrants have the risk to be cautious "the administrative measures for private entry-exit intermediary activities" has been promulgated for 12 years, in these 12 years, the choice of immigrants also showed an explosive growth. Shilini Introduction, about 50 million Chinese overseas residents live in various parts of the world and over the past 10 years, more than 2 million of mainland Chinese applicants have obtained foreign green cards. At the same time, the destination countries of immigrants have become more diversified, from the earliest to Canada, Australia, New Zealand, Singapore, the transition to the popularity of the United States in recent years. "There are still a handful of American green cards through investment immigrants," he said. "According to the statistics of the past two or three years, nearly 5,000 Chinese immigrants have invested in 500,000 U.S. dollars in advance, and a total of 250 million dollars have entered the United States," Shilini said. But the real right now to get a permanent green card and take back the investment money accounts for a very small percentage, roughly 2%, more likely to be money and green card "both frustrated." Shilini introduced that, because the current state for the immigration agencies lack of strong regulatory agencies, once a dispute, the applicant can only through consumer associations or legal channels such as litigation to solve, the cost of a lot of financial resources, energy, and time costs. And for intermediaries, although according to the management rules, each agency shall have no less than 500,000 yuan (Beijing regulation 2 million) of the petty cash, for its clients of the legitimate rights and interests of the damages and pay fines, fines. But the cost of only one American investment is $500,000 trillion, and once there is a problem with the project, the Fund will not guarantee the rights of all applicants and ultimately the applicant will pay for the risk. There is an urgent need to set up a national trade Organization Shilini, so far more than 100,000 Chinese investment immigrant families are lining up for the approval of investment immigrants, their destination countries include the United States, Canada and other countries. China's reform and opening-up over the past 30 years, the new 5 million overseas Chinese, over the last 10 years, more than 2 million people to obtain permanent status abroad. Based on this trend, it is estimated that over the next five years, more than 1 million people will be granted legal access to their foreign settlement status. Shilini said that every day in the immigration agencies will contact hundreds of people to apply, every year, the investment funds are billions of or even tens of billions of dollars, in such a trend and demand, more and more Chinese people to obtain foreign status continue to develop in China, but also to the immigration intermediary industry services put forward higher requirements-the need to establish a standard, honest , with the international standards of the rule of law market, the formation of national entry and exit industry organizations, on the one hand, can guarantee the legitimate rights and interests of the applicant, on the one hand, in foreign affairs to help the Chinese people to fight for their due interests and discourse rights. He called for the establishment of national entry and exit trade associations as soon as possible, and to strengthen the rectification and regulation of the industry, such as carrying out the certification and training of immigrant intermediary workers, and increasing the penalties for illegal operating agencies. At the same time, as applicants, we should also learn to choose rationally. In particular, when choosing EB-5 this kind of immigrant project, the immigrant intermediary has the responsibility to make the risk prompt, but the applicant must rationally assess own economic strength and the risk withstanding ability, if the Chinese applicant does not have the 20 million yuan investment assets, do not easily dabble in the EB-5 class immigration. -Other problems purchaseImmigration more than EB-5 investment immigration projects, many intermediary mouth of the "home purchase immigrants" there are many risks and tricks. For example, the intermediary claims to purchase foreign property at a low price to migrate smoothly, but in fact, in addition to conditionality and many restrictions, many intermediaries also confuse the "detention permit", "permanent residency" and "immigration" concepts. Last year, a micro-blog about "660,000 German buyers can emigrate" has caused the industry and the public concern, many people asked the truth of the matter. Subsequently, the message was proved to be misinterpreted. The original so-called "house-buying immigrants" is actually in the purchase of a local set of commercial housing and to apply for a German company, you can obtain the German residence permit for 1+2 years. Only if the company operates normally for 3 years and gains no less than 60,000 euros a year, homebuyers can apply for permanent residency in Germany.