World Economy

SEC to Target Deals

SEC to Target DealsSEC to Target Deals

The US Securities and Exchange Commission (SEC) is expanding a crackdown on a little-known program to dole out visas to wealthy foreigners in exchange for investments that generate jobs, Bloomberg reported. The SEC is preparing sanctions against as many as two dozen immigration lawyers, people familiar with the matter said, for collecting deal fees from foreign investors trying to access the EB-5 visa program, which grants U.S. residency for $500,000 investments that create 10 jobs. The lawyers were prohibited from earning transaction fees because they weren’t registered as brokers, according to the people, who asked not to be named because the investigations aren’t public.