When the SEC files a complaint, it’s easy for the public to just assume that the defendant is guilty as charged and there won’t be any more to the story but determining punishment. Even worse, USCIS tends to assume this and has been known to deny and revoke investor petitions and terminate regional centers before the SEC cases are concluded. We all need to remember that sometimes the defendant might have a compelling other side of the story, and might not be found guilty.
A Chicago-based senior living developer avoided being barred from the EB-5 Immigrant Investor Program, and his companies are not going into receivership, after a federal judge on Tuesday denied a request for a preliminary injunction and receivership made by the Securities and Exchange Commission. The commission has accused Taher Kameli, who is an immigration attorney, of improperly commingling and misusing some of the $88.7 million he had raised from foreign investors to finance the construction of assisted living and memory care communities in Illinois and Florida.
Earlier this month, the Federal District Court for the Northern District of Illinois denied the SEC’s request for a preliminary injunction against Seyed Taher Kameli and entities he controlled to (i) stop them from having any further involvement in the EB-5 program and (ii) to halt activities that the SEC alleged were in violation of securities laws. This is one of the first significant losses that the SEC has suffered in a EB-5 case that it has brought before a Court and may be a sign that the SEC is overplaying its hand and has become overzealous in its delve