Senior living developer avoids EB-5 ban, receivership

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. →

SEC Suffers One of its First Major Losses in EB-5 Realm

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

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