2018-01-07 —

The Securities and Exchange Commission sent the Kushner Companies a subpoena asking for information about the firm's petitions for EB-5 visas, which allow wealthy foreign nationals to obtain green cards if they invest in job-creating projects in the U.S.

The subpoena, which had not been previously disclosed, was sent in May 2017, The Wall Street Journal reported Saturday, citing people familiar with the matter.

Kushner Cos. makes frequent use of the EB-5 program to raise investment capital for its real estate development projects. The company came under scrutiny last year when it was reported that Jared Kushner's sister, Nicole Kushner Meyer, was using the family's connection to the White House in presentations to Chinese investors. In her presentation, Meyer suggested the company was in a position to guarantee approval of the EB-5 applications because Trump was a "key decision maker" in the process.''


The program is also susceptible to massive fraud schemes. In several cases in recent years, U.S.-based real estate developers have collected hundreds of millions of dollars from unsuspecting foreigners for projects that never materialize or were outright fabrications from the start.

Chinese investors dominate the EB-5 program -- roughly two-thirds of the 10,000 investors visas issued in 2016 were given to Chinese nationals.

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