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Report: SEC Probing Kushner Company Role in the Visa-for-money program



While Donald Trump struggles to build a wall to keep Mexican immigrants out of the United States, the Securities Commission is testing the real estate company owned by the family of Jared Kushner and his link to a lucrative federal visa program , The Wall Street Journal reported.

The EB-5 visa program provides green cards to immigrants who invest a minimum of $ 500,000 in certain US companies. The Associated Press reported last year that the wealthy Chines spent $ 7.7 billion earning 40,000 of the "gold visas" in the United States in the last decade.

The SEC quoted Kushner Cos records in May. On its links with the program, according to the newspaper. Federal prosecutors in Brooklyn, meanwhile, began then to examine the company's projects funded through the program. Investigations include twins and office towers and 66-story homes in New Jersey, the sources told the Journal.

Emily Wolf, a lawyer with Kushner Cos., Told the newspaper in a statement that the company "used the program," but that it "fully complied with its rules and regulations and did nothing improper."

Although Kushner, the son-in-law of the president and senior adviser to the White House, resigned his post, he still maintains a stake in the projects.

According to his most recent financial presentation, he remains an investor in the Trump Bay Street development of New Jersey in Jersey City, which also benefited from the EB-5 program, the Journal reported. Kushner reported that he received up to $ 5 million from the Jersey project that is the target of the SEC investigation, according to the newspaper.

As part of a marketing campaign aimed at Beijing and Shanghai, Kushner's sister, Nicole Meyer, urged the rich Chinese to invest last year. in the Kushner New Jersey project in exchange for a green card. People were told that up to 300 individuals who invested $ 500,000 each in the New Jersey project may be eligible for green cards, the Journal reported. Most of the 10,000 EB-5 visas issued each year go to wealthy Chinese immigrants, according to the newspaper.

During a marketing presentation in China in May, the name of Jared Kushner and the status of the White House were invoked, and a photo of President Trump was used in the field. The family apologized later, saying they did not intend to capitalize on Kushner's role in the White House as part of the presentation.

The program has been attacked for ignoring low-income immigrants while essentially selling visas to the wealthy. Critics also say that it is also a tremendous conflict of interest for Kushner, who continues to have personal business interests in his dealings with foreign governments, while his priority is supposed to be the American public.


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