Jan. 6, 2018 7:03 a.m. ETNot being able to read the content of above article required me to do some additional digging-
The Securities and Exchange Commission is investigating the real-estate company run by the family of President Donald Trump’s senior adviser and son-in-law Jared Kushner for its use of a federal investment-for-visa program known as EB-5, according to people familiar with the matter.
The Security and Exchanges Commission (SEC) has launched an investigation into White House senior adviser Jared Kushner’s family’s real estate company regarding its use of a visa program, The Wall Street Journal reported Saturday.Taking the hunt back a bit further for more information:
The SEC is probing Kushner Companies over its use of the EB-5 program, which provides green cards to immigrants who invest at least $500,000 in certain U.S. businesses.
The commission subpoenaed the business for information about how it used the program in May, according to the Journal.
The commission is working with a similar probe out of the Brooklyn U.S. attorney’s office, which has been investigating Kushner Companies projects that were partially financed through the visa program.
Spokespeople for the SEC and the U.S. attorney’s office declined to comment to the Journal.
A Kushner Companies spokeswoman referred to a previous statement about the Brooklyn attorney’s probe.
“Kushner Cos. utilized the program, fully complied with its rules and regulations, and did nothing improper. We are cooperating with legal requests for information,” general counsel Emily Wolff said in the past statement.
|Rendering of One Journal Square|
New York federal prosecutors have issued a subpoena to Kushner Companies over the developer’s use of the EB-5 visa program, according to the Wall Street Journal.Kushner, Trump and real estate deals.
The subpoena pertains, at least in part, to One Journal Square, a two-tower project being developed by Kushner Cos. in Jersey City. A spokesperson for the Brooklyn U.S. attorney’s office declined to comment about the subpoena to the newspaper. Emily Wolf, general counsel for the developer, said that it “utilized the program, fully complied with its rules and regulations and did nothing improper. We are cooperating with legal requests for information.”
Project to cost 1 Billion though it was estimated at half that cost just a couple of years prior?
Kushner Cos. was soliciting EB-5 funds for the mixed-use project, which the developer said will cost nearly $1 billion, more than twice the cost the firm estimated in 2015. In May, Kushner Cos. issued an apology after an incident in which Nicole Kushner Meyer referenced Jared Kushner, former CEO of the firm and now senior aide to President Trump, in the firm’s presentation to EB-5 investors in China. The reference was seen by some critics as a blatant effort to profit from the family’s connection to the White House.
Pocket lining? Palm greasing? What's up with the extra half a billion price tag?
Kushner Cos. has used the controversial cash-for-green card visa program before, at Trump Bay Street, another Jersey City project that Jared retains a stake in.
The developer was also soliciting EB-5 funds for a proposed redevelopment of 666 Fifth Avenue, the company’s flagship property in Manhattan.666 Fifth Avenue
The EB-5 program, which gives green cards to foreigners who invest in job-creating real estate projects in low-employment areas of the U.S., has been criticized for funneling money to luxury developments through gerrymandering. Some politicians from both sides of the aisle have called for the program to be abolished, describing it as “citizenship for sale.” But it remains an incredibly popular and relatively cheap method of raising money for developers, particularly in gateway cities such as New York, Los Angeles and Miami. Many of the country’s top developers are big proponents of the program, and spend millions lobbying for it to stay in place as-is. In late July, Related Companies co-sponsored an EB-5 investment industry gathering at which U.S. Sen. Ted Cruz was tapped as the keynote speaker"Citizen ship for sale"- That could be handy