On December 18, 2015, MDK Law owners James P. Ware and Mark D. Kimball secured a significant preliminary win for a client who had invested over $500,000 in a Washington-based international trading company. The client intended to use the investment to obtain a U.S. Visa through the EB-5 program as the project had been designated as a Regional Center by the United States Customs and Immigration Services (“USCIS). Based upon specific language in the project’s Private Placement Memorandum (“PPM”) and documentation submitted to the USCIC regarding the project, MDK Law was able to establish a basis for an injunction that funds the firm’s client had investment into the project—which exceeded $500,000—should be held in a blocked account until the trial court renders a final decision in the matter. With the large influx of capital from overseas, more potential developers and entrepreneurs are soliciting funds from overseas investors through the EB-5 program. While the EB-5 program is a desirable means by which a high net wealth individual may obtain a U.S. visa, it is imperative that the potential investor perform due diligence about the project and claims made in the PPM prior to investing.
Dec 22 2015