SEC to Target Deals Giving Visas to Rich Foreign Investors
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The U.S. Securities and Exchange Commission is expanding a crackdown on a little-known program to dole out visas to wealthy foreigners in exchange for investments that generate jobs.
The SEC is preparing sanctions against as many as two dozen immigration lawyers, people familiar with the matter said, for collecting deal fees from foreign investors trying to access the EB-5 visa program, which grants U.S. residency for $500,000 investments that create 10 jobs.