2016 New York EB-5 & Investment Immigration Convention Tr - - PDF document

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2016 New York EB-5 & Investment Immigration Convention

Tr Trouble at the I-829 829

Carolyn Lee, Miller Mayer LLP Debbie Klis, Ballard Spahr LLP Rana Jazayerli, Phillips Lytle LLP Moderated By: Kate Kalmykov, Greenberg Traurig, LLP

Re Review of recent cases – what can g go w wrong?

• A. Funds are diverted from the Project OR Funds are frozen by a

receiver

• B. What SEC actions can be brought against the project or the

fund? What types of actions have we seen recently?

• C. Under which securities laws have recent actions been brought?
• D. When is a Receiver appointed and how long does that process

take?

• E. What causes of actions might investors have against the fund
• r project?
• F. What lessons can be learned from recent actions in Vermont

and Seattle? What due diligence and underwriting should regional centers be doing when accepting a project?

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Investor Consequences and M Material Change Issues

A. If funds are diverted from a project, what is the effect on investors who have I-526 petitions pending? On investors who have I-526 petitions approved but not who have not yet been granted CPR status? On investors who have received CPR, but who do not yet have approved I-829 Petitions? B. If the funds make it to the project, but the project doesn’t do well for other reasons, such as delays or force majeure events, what happens when the requisite of jobs aren’t created? A. Discuss reasonable time arguments B. Discuss importance of job allocation C. Can an investor make a new investment? When do you refile a new I-526 versus move forward with an I-829 based on facts of original investment? D. If a receiver has frozen funds, can an I-829 Petition be approved? E. If funds were diverted, but jobs were created, can an I-829 Petition be approved? F. If funds were diverted and insufficient jobs were created, can an I-829 Petition be approved?

Re Regional Center terminations

• A. Review of recent termination actions by Regional Centers
• B. Can an NCE associate with a new regional center?
• C. Can more than one regional center sponsor an NCE?
• D. Can an I-829 Petition be approved with no regional center sponsoring?

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What h happens when an I I-829 P Petition is d denied?

• A. Administrative appeal – renew the I-829 before an

immigration judge

• B. Is review before a federal district court possible?
• C. What effect does the return of some funds through a civil

action have on the investor’s ability to have an I-829 Petition later approved before the IJ or the BIA?

Disclaimer

This presentation outline and the presentation itself are for general education purposes only and are not intended to provide specific guidance or legal advice about what to do or not to do in any particular case. You should not rely on this general information to make decisions about specific immigration matters. If you are not yourself a lawyer, you should seek the assistance of an immigration lawyer to help you resolve these issues. Thank you.