2013年2月春节期间，芝加哥会议中心事件爆发，SEC(证监会)宣布起诉芝加哥会议中心项目方，这标志着SEC对于EB-5行业的监管进入公众视野。前事不忘，后事之师，值此EB-5历史上最大欺诈事件爆发2周年之际，EB5Sir找来一篇，在当年10月SEC同USCIS(移民局)一同发布的EB-5投资者警告，全文发表，供EB-5投资者在整个投资环节中对照参考。SEC官网原文只有英文和中文繁体版，由Dora翻译整理，特此感谢。

　　投资者警告——利用移民投资项目的投资骗局

　　美国证券交易委员会(SEC)的投资者教育和宣传办公室和美国移民局(USCIS)共同发布本次投资警告，告诫个人投资者警惕那些利用投资移民项目，亦即“EB-5”，进行的欺诈性投资骗局。

　　美国证券交易委员会(SEC)的投资者教育和宣传办公室和美国移民局(USCIS)获知一些投资骗局是针对那些想通过投资移民项目(EB-5)寻求成为永久的、合法的美国居民的外国国民。通过与管理EB-5项目的USCIS密切合作，SEC采取紧急强制措施，叫停涉嫌通过EB-5进行欺诈的证券发行专案。

　　EB-5计划为能够证明其投资可以为美国创造工作岗位的特定外国投资者提供了在美国获得合法永久居留权的一种可能途径。公司所有者向USCIS申请成为EB-5项目的“区域中心”。这些“区域中心”提供在可能设计证券发行的“新工商企业”中投资的机会。通过EB-5项目，外国投资者在美国投资了一定的具有风险的资金，并创造出符合要求的较低数量的就业，就有资格申请两年期的条件性合法居留权。在两年条件性居留期末期，如果该外国投资者能证明达到了创造工作岗位的要求，他/她就有资格申请撤销对他们的合法居留权的诸多限制。然而，该计划并不保证通过EB-5项目进行投资的外国投资人一定能获得美国签证或者成为合法的美国永久居民。更多详情，敬请参阅USCIS网站www.uscis.gov的EB-5投资移民部分。

　　一个企业经USCIS批准成为区域中心的事实并不意味着USCIS、SEC或任何其他政府机构批准了其提供的各种投资专案，也不意味着USCIS、SEC或任何其他政府机构认可了其投资质量。SEC 和 USCIS 知悉以滥用EB-5项目为手段而进行欺诈性的证券发行的企图。在最近的一起SEC v. Marco A. Ramirez, et al.案件中，SEC 以及 USCIS 共同阻止了一起涉嫌的投资骗局，SEC声称该骗局中包括USA Now区域中心在内的被告人向投资者虚假承诺5%的投资回报以及有机会获得EB-5签证。该推销商涉嫌在USCIS批准其企业成为区域中心之前就招揽投资者。SEC声称， 虽然被告人告知投资人在USCIS批准其企业有资格进行EB-5项目之前，他们的资金会由托管机构监管，但实际上，被告人却欲将投资者资金挪作己用，例如：向其Cajun主题餐厅提供资金。根据SEC的起诉状，投资者通过USA Now区域中心进行的投资，连条件性签证都不可能得到。

　　在另一起 SEC v. A Chicago Convention Center, et al.案件中，SEC以及USCIS共同阻止了一起涉嫌1.56 亿美元的投资骗局。SEC声称，某一个人和其设立的几个公司在芝加哥的世界上第一个零碳排放铂LEED认证的酒店和会议中心项目上，使用虚假和误导性的资讯招揽投资者。他们虚假的宣称其公司已取得所有必要的建筑许可证，还宣称该工程获得了几个主要的连锁酒店的支持。根据SEC的起诉状，被告人承诺投资者，如果投资者的EB-5签证申请被拒签，他们为投资而支付的所有项目发行费用将会被返还。而事实上，在USCIS审批投资者的签证申请之前，被告人就涉嫌花掉了90%投资者支付的项目发行费，其中一部分被挪作己用。

　　对于任何投资，仔细研究与EB-5相关的发行很重要。可采取如下步骤：

　　* 确认其是否为USCIS批准的区域中心。如果是想通过某个区域中心进行投资，请在USCIS网站www.uscis.gov核查最新的区域中心列表。如果该区域中心不在列表中，投资者须特别谨慎。即使该区域中心在列表中，也需甄别USCIS是否已经批准该区域中心及其提供的所有投资项目。

　　* 向区域中心索要其向USCIS提交的各种文档影印件。区域中心必须向USCIS提交一份初始申请表(表格I-924)，以获得USCIS的批准和指定，并且区域中心要在每个日历年末向USCIS提交一份信息收集补充表。请向区域中心索要其向USCIS提交的此类表格和补充表格的影印件。

　　* 索取书面形式的投资文件。向项目发行人索取一份投资发行备忘录或私募备忘录。#p#分页标题#e#仔细考察，并研究类似专案来评估其提案。如有疑虑，请仔细询问。如果不了解文件中的内容，抑或项目发行人不愿回答您的问题，或者其回答不能令您信服，请勿投资。

　　* 查询是否向推销商支付费用。如果有独立的顾问、律师或机构推荐或承销该项投资，查询在推荐该项投资过程中，他们期望得倒多少资金报酬或何种利益报酬。如果推销商的信息与投资发行备忘录或私募备忘录中的信息不一致时，请持怀疑态度，并谨慎对待。

　　* 寻求独立的验证。确认关于该项投资的声明是否真实。例如，如果该项投资投资于商业地产的建设，核查市政档案，确认发行人是否已经取得适当的许可证明，以及国家或当地地产税的评估是否与该区域中心进行的地产开发价值相符。如果有其他公司参与了该工程，请径直去那些公司进行确认。

　　* 调查结构风险。请了解，您可能投资了一家新设立的、无任何资产担保的商业企业，其旨在向其他公司提供用于开发各类项目的贷款。请仔细调查各类贷款档案和发行专案陈述，确认该贷款是否安全，有无任何担保物向投资者质押。

　　* 考察专案开发商的经济动机。EB-5项目区域中心负责人和专案开发商常向其经营的各个工程进行资本投资。甄别中心负责人和专案开发商是否在该工程中直接投资，他们的经济动机可能并不与该专案的成功相关。

　　* 寻找欺诈的警示信号。如果您发现任何如下的欺诈迹象，请务必警惕：

　　1.承诺会获得签证或成为合法的永久居民。通过EB-5项目进行投资的投资者只是有资格申请条件性签证，但并不能确保获得USCIS签发的签证或进而撤销申请永久居留权的各项限制条件。USCIS通常会仔细审核每个签证申请，条件不符合的申请会被拒签。保证获得签证或绿卡、允诺获得签证或绿卡的时间都是欺诈的警示信号。

　　2.保证投资回报或投资无风险。通过EB-5项目进行的投资肯定在投资回报上有风险。若向您保证投资回报，或告知您将返还一部分投资金额，请警惕。

　　3.过于稳定的高投资回报。投资倾向于随时间推移而忽高忽低，高投资回报的投资尤其如此。若某项投资不顾整体市场情况而宣传能提供或持续产生高投资回报，请警惕。

　　4.未经注册立项的投资项目。即使一个区域中心可能是由USCIS批准的，很多区域中心提供的大多数新商业企业投资机会并未在SEC或在各个州的管理机构注册立项。一旦某个证券发行专案未经注册立项，发行人就不会向投资者提供诸如公司管理、产品、服务以及注册所需的财务状况证明等关键信息。这种情况下，投资者需获得有关该公司的其他信息，以确认该投资机会是否是善意、真实的。

　　5.未经许可的销售商。联邦或州证券法要求提供和推销投资项目的投资专业人士及其事务所应获得许可资格或经过注册。获批为区域中心并不能满足这一要求。许多欺诈性的投资项目就牵涉了没有许可资格的个人或未经注册的事务所。

　　6.由相同的个人经营的多层级的公司。一些EB-5区域中心投资专案由多层级的不同公司构成，而此类公司却由相同的个人经营。这种情况下，请确认利益冲突是否已充分披露并且减少到较低程度。

　　如果您通过 EB-5 项目进行的投资，却是一个欺诈性的证券发行项目，您不仅损失了金钱，还失去了获得在美国合法的永久居留权的途径。因此，在您投资之前，在您还希望成为一个美国的合法、永久居民之前，请审慎考察EB-5投资项目。

　　近年来，USCIS和SEC建立了强大的合作伙伴关系，重点保证EB-5项目的真实性。两大机构就发行的专案在特定范围内、按照既定的方案相互协调，并共同投身于公众参与活动，在专案开发人和投资者中提供有关专案发行的意识。本次投资者警告是双方就促进EB-5项目真实性所作努力的又一明证。

　　Investor Alert: Investment Scams Exploit Immigrant Investor Program

　　The U.S. Securities and Exchange Commission's Office of Investor Education and Advocacy and U.S. Citizenship and Immigration Services are jointly issuing this Investor Alert to warn individual investors about fraudulent investment scams that exploit the Immigrant Investor Program, also known as "EB-5."

　　The U.S. Securities and Exchange Commission's ("SEC") Office of Investor Education and Advocacy and U.S. Citizenship and Immigration Services ("USCIS") are aware of investment scams targeting foreign nationals who seek to become permanent lawful U.S. residents through the Immigrant Investor Program ("EB-5"). In close coordination with USCIS, which administers the EB-5 program, the SEC has taken emergency enforcement action to stop allegedly fraudulent securities offerings made through EB-5.#p#分页标题#e#

　　The EB-5 program provides certain foreign investors who can demonstrate that their investments are creating jobs in this country, with a potential avenue to lawful permanent residency in the United States. Business owners apply to USCIS to be designated as "regional centers" for the EB-5 program. These regional centers offer investment opportunities in "new commercial enterprises" that may involve securities offerings. Through EB-5, a foreign investor who invests a certain amount of money that is placed at risk, and creates or preserves a minimum number of jobs in the United States, is eligible to apply for conditional lawful permanent residency. Toward the end of the two-year period of conditional residency, the foreign investor is eligible to apply to have the conditions on their lawful permanent residency removed, if he or she can establish that the job creation requirements have been met. Foreign investors who invest through EB-5, however, are not guaranteed a visa or to become lawful permanent residents of the United States. For more details, read the EB-5 Immigrant Investor section of USCIS's website at www.uscis.gov.

　　The fact that a business is designated as a regional center by USCIS does not mean that USCIS, the SEC, or any other government agency has approved the investments offered by the business, or has otherwise expressed a view on the quality of the investment. The SEC and USCIS are aware of attempts to misuse the EB-5 program as a means to carry out fraudulent securities offerings. In a recent case, SEC v. Marco A. Ramirez, et al., the SEC and USCIS worked together to stop an alleged investment scam in which the SEC claims that the defendants, including the USA Now regional center, falsely promised investors a 5% return on their investment and an opportunity to obtain an EB-5 visa. The promoters allegedly started soliciting investors before USCIS had designated the business as a regional center. The SEC alleged that while the defendants told investors their money would be held in escrow until USCIS approved the business as eligible for EB-5, the defendants misused investor funds for personal use such as funding their Cajun-themed restaurant. According to the SEC's complaint, the investors did not obtain even conditional visas as a result of their investments through the USA Now regional center.

　　In another case, SEC v. A Chicago Convention Center, et al., the SEC and USCIS coordinated to halt an alleged $156 million investment fraud. The SEC alleged that an individual and his companies used false and misleading information to solicit investors in the "World's First Zero Carbon Emission Platinum LEED certified" hotel and conference center in Chicago, including falsely claiming that the business had acquired all necessary building permits and that the project was backed by several major hotel chains. According to the SEC's complaint, the defendants promised investors that they would get back any administrative fees they paid for their investments if their EB-5 visa applications were denied. The defendants allegedly spent more than 90 percent of the administrative fees, including some for personal use, before USCIS adjudicated the visa applications.

　　As with any investment, it is important to research thoroughly any offering that purports to be affiliated with EB-5. Take these steps:

　　• Confirm that the regional center has been designated by USCIS. If you intend to invest through a regional center, check the list of current regional centers on USCIS's website at www.uscis.gov. If the regional center is not on the list, exercise extreme caution. Even if it is on the list, understand that USCIS has not endorsed the regional center or any of the investments it offers.

　　• Obtain copies of documents provided to USCIS. Regional centers must file an initial application (Form I-924) to obtain USCIS approval and designation, and must submit an information collection supplement (Form I-924A) at the end of every calendar year. Ask the regional center for copies of these forms and supporting documentation provided to USCIS.

　　• Request investment information in writing. Ask for a copy of the investment offering memorandum or private placement memorandum from the issuer. Examine it carefully and research similar projects in evaluating the proposal. Follow up with any questions you may have. If you do not understand the information in the document or the issuer is unwilling or unable to answer your questions to your satisfaction, do not invest.

　　• Ask if promoters are being paid. If there are supposedly unaffiliated consultants, lawyers, or agencies recommending or endorsing the investment, ask how much money or what type of benefits they expect to receive in connection with recommending the investment. Be skeptical of information from promoters that is inconsistent with the investment offering memorandum or private placement memorandum from the issuer.#p#分页标题#e#

　　• Seek independent verification. Confirm whether claims made about the investment are true. For example, if the investment involves construction of commercial real estate, check county records to see if the issuer has obtained the proper permits and whether state and local property tax assessments correspond with the values the regional center attributes to the property. If other companies have purportedly signed onto the project, go directly to those companies for confirmation.

　　• Examine structural risk. Understand that you may be investing in a new commercial enterprise that has no assets and has been established to loan funds to a company that will use the funds to develop projects. Carefully examine loan documents and offering statements to determine if the loan is secured by any collateral pledged to investors.

　　• Consider the developer's incentives. EB-5 regional center principals and developers often make capital investments in the projects they manage. Recognize that if principals and developers do not make an equity investment in the project, their financial incentives may not be linked to the success of the project.

　　• Look for warning signs of fraud. Beware if you spot any of these hallmarks of fraud:

　　o Promises of a visa or becoming a lawful permanent resident. Investing through EB-5 makes you eligible to apply for a conditional visa, but there is no guarantee that USCIS will grant you a conditional visa or subsequently remove the conditions on your lawful permanent residency. USCIS carefully reviews each case and denies cases where eligibility rules are not met. Guarantees of the receipt or timing of a visa or green card are warning signs of fraud.

　　o Guaranteed investment returns or no investment risk. Money invested through EB-5 must be at risk for the purpose of generating a return. If you are guaranteed investment returns or told you will get back a portion of the money you invested, be suspicious.

　　o Overly consistent high investment returns. Investments tend to go up and down over time, particularly those that offer high returns. Be suspicious of an investment that claims to provide, or continues to generate, high rates of return regardless of overall market conditions.

　　o Unregistered investments. Even though a regional center may be designated as a regional center by USCIS, most new commercial enterprise investment opportunities offered through regional centers are not registered with the SEC or any state regulator. When an offering is unregistered, the issuer may not provide investors with access to key information about the company's management, products, services, and finances that registration requires. In such circumstances, investors should obtain additional information about the company to help ensure that the investment opportunity is bona fide.

　　o Unlicensed sellers. Federal and state securities laws require investment professionals and their firms who offer and sell investments to be licensed or registered. Designation as a regional center does not satisfy this requirement. Many fraudulent investment schemes involve unlicensed individuals or unregistered firms.

　　o Layers of companies run by the same individuals. Some EB-5 regional center investments are structured through layers of different companies that are managed by the same individuals. In such circumstances, confirm that conflicts of interest have been fully disclosed and are minimized.

　　If your investment through EB-5 turns out to be in a fraudulent securities offering, you may lose both your money and your path to lawful permanent residency in the United States. Carefully vet any EB-5 offering before investing your money and your hope of becoming a lawful permanent resident of the United States.

　　USCIS and the SEC have in recent years built a strong partnership with an emphasis on fostering EB-5 program integrity. The two agencies coordinate on issues at the case-specific and programmatic levels, and have participated in joint public engagement events to raise awareness among EB-5 developers and investors as to these issues. This Investor Alert is another example of our coordinated efforts regarding EB-5 program integrity.