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  • Jan 14 - A Bad Idea

    Comment: A Bad Idea

    Some immigration attorneys have accepted, and continue to accept, finder/referral fees for placing EB-5 investors with projects. Let us set aside the issue of whether this practice is ethical, and presume, arguendo, that it is ethical. Let us also set aside the issue of whether this practice is lawful, and presume, arguendo, that it is lawful. Regardless, it is a lousy business idea for the following reasons.

    When something goes wrong with one of the projects an attorney has placed a security for, the project fails, as is inevitable in a capitalist system - failure is a feature, not a bug, given enough time, some projects will always fail. Under long standing securities statutes and case law, rescission rights may well be triggered for the failed investment. The attorney who placed the security can be held liable to the investor for the $500K investment and be asked to cough up the entire amount to make the investor whole. Accepting a finder's fee by a person not licensed by SEC/FINRA is the same as underwriting insurance on the $500K investment. This is the same as writing a put option on the investment without being adequately compensated for it. Writting the multi-year protective put option on $500K for a mere $20K does not make any business sense (once again setting aside ethical/legal issues).

    We understand that some attorneys label the fees as consulting fees, which are paid to a third party and/or in a third country. While these practices may be new to USCIS, these are not new to SEC. Banks provide sufficient information to SEC for them to be able to see right through such devices. If SEC decides to seek rescission rights on behalf of investors, it will, as a practical matter, be able to enforce these against attorneys, regardless of subterfuges that law firms may have resorted to. Furthermore, piercing corporate veils is business as usual in the securities world, as some law firms are now finding out, to their surprise.

    It has come to our attention that SEC has begun serious enforcement against some law firms in connection with EB5. We expect SEC actions to be expanded further in the near future. Please stay tuned to Immigration Daily for the latest on this and other immigration law news.

    Article: A Brief Review of U.S. Nationality Law: Child Citizenship and Expedited Naturalization. By Joseph P. Whalen

    Blogging: Sock it to me, Supreme Court! By Lory D. Rosenberg

    Blogging: Changes To The Manila Medical Exam Process. By Chris Musillo

    News: CRS on The President's Immigration Accountability Executive Action of November 20, 2014: Overview and Issues

    Focus: Exhibit Opportunity for Regional Center/Projects
    The EB-5 Summit for Attorneys and Developers taking place in Los Angeles, CA on February 20th, has exhibitor opportunities. Exhibitors will have the opportunity to speak to professionals in the EB-5 field, distribute material in our material packet, and on designated exhibitor tables. Exhibitors will also be able to have a 15-25 minute panel on an EB-5 topic of their choosing. Early Bird Deadline for exhibitor opportunity is on January 28th. For more details or to sign up, see here.

    Headline: How to Talk to Your Kids About Immigration Click here
    Headline: Bipartisan Senate bill eyes immigration reform for tech workers Click here
    Headline: Does the GOP even have an immigration plan? Not according to this bill Click here
    Headline: For Some Immigrants, Temporary Life In U.S. Can Mean A Long Stay Click here
    Headline: Senate Republicans cautious on US security bill, immigration fight Click here

    Help Wanted: Immigration Paralegal
    Philadelphia, PA. Green and Spiegel, a growing Philadelphia business immigration firm seeks a detail-oriented legal assistant to assist in the preparation of nonimmigrant visa petitions. Strong writing, critical thinking, and analytical skills needed for fast-paced environment. BA/BS required. Business immigration experience preferred and special consideration for candidates who have worked with H-1B visa processing in the past. Competitive salary and benefits. Please send resume and cover letter to info@gands-us.com.

    Help Wanted: Immigration Paralegal
    New York, NY, The Seltzer Firm, PLLC has an opening for an experienced Paralegal to handle a variety of immigration matters for physicians, small businesses, hospitals, universities, and research organizations. Bachelor's degree and experience preparing LCAs, H-1Bs, PERM, I-140s, adjustments of status, and IV consular processing required; experience with physician immigration and Special Handling PERM would be a great asset. Information about The Seltzer Firm can be found at www.theseltzerfirm.com. Email resume and a brief writing sample to hr@theseltzerfirm.com.

    Help Wanted: Immigration Paralegal
    Chicago, IL, Sidley Austin LLP. Essential Duties and Responsibilities: Prepare a wide variety of business-based nonimmigrant petitions (H-1B, H-3, TN, E, J-1, L-1 and O-1). Assist with corporate clients with PERM application process. Assist with applying for and obtaining work visas with U.S. consular offices abroad. Work closely with our clients' and their employees and families to provide comprehensive immigration service through the application process, including responses to applications, Requests for Evidence, interviews and compliance. Compile and maintain records of immigration forms, other documentation and records of activity on behalf of corporate clients' employees. Review immigration regulations and be able to apply them to various case scenarios. Perform research using all available immigration research tools including government agencies' websites. Education and/or Experience: Required: BA/BS with strong academic credentials; Proficient at Microsoft Office Applications and Adobe Acrobat; Writing sample must be submitted with resume; Minimum of 4 years of experience with the corporate immigration process. Preferred : Paralegal Certificate; Proficient in LawLogix. Other Skills and Abilities: Strong oral and written communication skills; Excellent attention to detail and proofreading skills; Strong sense of good judgment; Well-developed analytical and problem solving skills; A self-starter who desires to show ownership and commitment to the job. To apply: staffcareers@sidley.com.

    Foreign Credential Evaluations
    Why do the largest law firms, corporations, universities in the U.S. choose AETS for their foreign credential evaluations? As the nation's leader in foreign credential evaluations and translations, American Evaluation & Translation Service, Inc (AETS) provides the most competitive rates in the industry - $75 educational evaluations using Aacrao EDGE, as well as $300 "expert opinion" work experience and position evaluations completed by PhD university professors who have the authority o grant college level credit for work experience and/or raining. AETS offers a variety of turn-around times, including same-day service for educational, work experience, and position evaluations. For a list of rates and times, see: here. AETS also provides certified translations in 100+ languages, with translators that are specialists in 80+ fields. For a copy of the Application for Credential Evaluation and Translation Services, please visit: here. Please contact AETS at anytime at(786)276-8190, visit http://www.aetsinternational.com,or email info@aetsinternational.com New customers to AETS will receive a 25% discount on their first Educational Evaluation request - just mention Promotion Code: AETS.ILW.25 to avail of this discount.

    Immigration Law Certificate
    Classes offered both online and in-person. Master the complex and ever changing maze of immigration policies and regulations with the Immigration Law Studies Certificate Program offered by CUNY's School of Professional Studies. This graduate-level certificate program, consisting of (3) three-credit classes, offers students who complete it a comprehensive understanding of the laws, regulations, and processes surrounding the status of immigrants in the US, including family and employment-based immigration and deportation defense. It is designed for individuals working in law firms, companies, government agencies and nonprofit organizations where they interact with immigrants and immigrant legal concerns on a regular basis and would therefore benefit from greater knowledge of the laws and regulations surrounding immigration. For more information on class schedules, tuition and fees, course applications and to register, see here.

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    Letters of the Week: Roger Algase

    ComingsNGoings: Submit Your Announcements
    If you have a professional announcement such as: New Position, Honors and Awards, Mergers and Acquisitions, New Office Address, New Appointment, New Associate, New Attorney, New Partner, that you wish to share with the Immigration Daily community, please send them to editor@ilw.com. ComingsNGoing announcements is a free service. Readers can share professional announcements (up to 100 words at no charge).

    An Important disclaimer! The information provided on this page is not legal advice. Transmission of this information is not intended to create, and receipt by you does not constitute, an attorney-client relationship. Readers must not act upon any information without first seeking advice from a qualified attorney. Copyright 1995-2014 American Immigration LLC, ILW.COM. Send correspondence and articles to editor@ilw.com. Letters and articles may be edited and may be published and otherwise used in any medium. The views expressed in letters and articles do not necessarily represent the views of ILW.COM.
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