More Chinese investors suing Vail Solaris developer - EB-5 visa scam

Article subtitle: 
Second lawsuit mirrors previous suit with Chinese investors claiming they were bilked
Article CAIRCO note: 
From August Article: Investors who received green cards for their investments claim they were bilked
Article author: 
Randy Wyrick
Article publisher: 
Vail Daily
Article date: 
22 September 2019
Article category: 
Colorado News
Article Body: 

The number of Chinese investors suing Solaris developer Peter Knobel and others rose to 29 with a new lawsuit in federal court.

Sixteen more Chinese investors filed a federal lawsuit this week, as first reported by BusinessDen, saying they were bilked out of money they invested in the luxury Vail project. Their allegations are almost identical to a federal lawsuit filed by 13 Chinese nationals in August ...

In exchange, the Chinese investors say they received the EB-5 immigrant investment visas they were promised, but not the money they say they loaned ...

About EB-5 visas

The EB-5 visa program and was launched in 1990. The U.S. Citizenship and Immigration Service issues 10,000 EB-5 visas each year, USCIS spokesperson Genevieve Billia said.

To get one, foreign nationals invest $500,000 a pop in American projects that are supposed to create at least 10 jobs in the U.S.

In exchange, the foreign investors can get green cards for themselves and their immediate families if they can meet certain standards for two years ...

“These people just want to be Americans. They want their children to go to school here,” Litowitz  [Chicago-area attorney said.]