IIUSA Submits Amicus Brief in SEC v. Path America Case
EB-5 industry trade association files as amicus curae in support of Immigrant Investors
WASHINGTON, D.C. (PRWEB) NOVEMBER 19, 2015
Invest in the USA (IIUSA), the national not-for-profit industry trade association for the EB-5 Regional Center Program (“the Program”), has filed an amicus brief in the ongoing securities litigation case against an EB-5 Regional Center located in Washington. The case Securities and Exchange Commission (“SEC”) v. Path America, LLC, et al., No. 2:15-CV-01350-JLR, was filed in August in U.S. District Court for the Western District of Washington.
Under EB-5, a program created by Congress with broad bipartisan support, foreign nationals who invest at least $500,000 or $1,000,000 in approved U.S. businesses are eligible for permanent residency if the U.S. government confirms that their investment created at least 10 American jobs within two years of the investment.
“We are appreciative of the Honorable Judge Robart granting our motion to file amicus in this case. IIUSA has a unique perspective as the non-profit industry trade association for the EB-5 Regional Center Program that we believe will be helpful to the court and appointed receiver as proceedings continue,” said IIUSA Executive Director Peter D. Joseph.
In its amicus brief, IIUSA provides important background information about the EB-5 Program and the potential ramifications of the litigation for immigrant investors who have invested significant amounts of capital through Path America.
“While the court considers the allegations against Path America, it is critical that the interests of the immigrant investors be understood and protected. Steps should be taken to ensure, wherever possible, that the investors’ capital contributions be properly directed to legitimate job-creating projects so that they remain eligible for immigration benefits under the EB-5 Program.” said Joseph. “This type of investor protection, compliance with – and enforcement of – all applicable securities, anti-fraud laws and regulations are essential to maintain the confidence of all industry stakeholders and ensure that the EB-5 program continues to bring capital and job creation to American communities.”
Invest in the USA (IIUSA) is the national not-for-profit industry trade association for the EB-5 Regional Center Program, Representing over 290 federally designated EB-5 Regional Centers. Approximately 95 percent of all capital raised through the EB-5 program is raised in affiliation with IIUSA’s members.