| John Burson edited Thursday, February 1, 2024 |
Subscribe |
The Securities and Exchange Commission (SEC) has taken legal action against Nadim Ahmed, a New York-based businessman, and his companies, NuRide Transportation Group, LLC, and NYC Green Transportation Group, LLC. The charges involve fraudulent misrepresentations in securities offerings related to the EB-5 Immigrant Investor Program, which grants investors seeking permanent residency.
From June 2014 to December 2018, Ahmed, NuRide, and NYC Green they have allegedly misled investors by falsely stating that NYC Green would adhere to EB-5 visa program requirements. They also claimed that NYC Green’s principals had contributed $11 million to the company. Contrary to these assurances, key revenue-generating contracts were placed under NuRide’s name instead of NYC Green's, causing discrepancies.
Ahmed is accused of using an investor’s funds to settle a prior SEC case involving one of his companies. The SEC also implicated Mehreen Shah (Mona Shah), a New York-based immigration attorney, her law firm, and three other entities linked to Ahmed and/or Shah for offering unregistered securities that amassed over $66 million from more than 100 investors between June 2014 and November 2022.
The complaint filed in the U.S. District Court in the Southern District of New York alleges violations of antifraud and registration provisions of federal securities laws. The SEC seeks permanent and conduct-based injunctions, disgorgement, prejudgment interest, and civil penalties.
Investors in the offerings have not received unconditional permanent residency status or a return on their investment. The SEC emphasizes the importance of accurate disclosures in offering materials and compliance with registration requirements or exemptions to protect investors.
The SEC’s Office of Investor Education and Advocacy issued an Investor Alert, cautioning against fraudulent securities offerings through the EB-5 program.
US Immigration: Big increase in EB–5 visa fees proposed
The DHS proposed changing the fees for some immigration and naturalization benefit requests, including the EB-5 and H-1B visa programs.
Questions for the EB-5 Market in 2024 (and Our Bold Predictions)
Navigating the EB-5 landscape in 2024 is like forecasting the stock market – unpredictable yet crucial! The 11 burning questions and bold predictions for this year's market are out.
India Seems to Want to Lose its Millionaires and High-Tech Workers in Eb5 Race
India Seems to Want to Lose its Millionaires and High-Tech Workers in Eb5 Race
Exciting Update for Indian EB-5 Golden Visa Applicants
The EB-5 program or the US golden visa, provides a special road for overseas investors to seek permanent residency and Green Cards in the US.
EB-5 Visa Fraud! Investors seeking permanent residency in the US cheated
Under the EB-5 Immigrant Investor Program, investors are eligible for permanent residency status in America.
Fee increase for EB-5
A significant announcement by the United States Citizenship and Immigration Services on January 31, 2024
Using Loans or Gifts for EB-5
Explore the feasibility of financing your EB-5 investment through loans or gifts, understanding the USCIS's source of funds analysis, and ensuring your funds are lawfully obtained. Learn the requirements for using personal assets as collateral or receiving a bona fide gift for your EB-5 journey
Paperfree Concierge
Get dedicated service, from finding the right information to complex investment challenges.