TWO MEN CHARGED IN IMMIGRANT INVESTOR FRAUD SCHEME Two men in Virginia were indicted recently for their part in a conspiracy to defraud people wanting to participate in the EB-5 immigrant investor program. According to authorities, James O’Connor and James Geisler marketed a program through which immigrant hopefuls could invest in US businesses and thus obtain a green card.
Under their plan, the foreign nationals invested $100,000 to $150,000 with Geisler and O’Connor’s bank, Interbank, and were told that a bank would secure a loan for the additional money needed to qualify for the visas. Instead, O’Connor and Geisler conspired to have the money wired back and forth between Virginia and the Bahamas until it appeared that there was an account containing a $500,000 investment.
Officials say the two men filed 320 fraudulent applications with the INS, and that more than $134 million was transferred through the Bahamas to create the fraudulent accounts. Multiple applications were apparently filed on behalf of some applicants. They each face 61 counts of conspiracy, immigration and visa fraud, money laundering and conspiracy to launder money, filing false tax returns, and failure to file tax returns. They face up to 10 years in prison on each immigration and visa fraud charges, and could be made to pay millions of dollars in fines.
Forty-three people obtained visas through the Interbank program, although many of these have since been revoked. Officials believe that all of the immigrants who were used in the scheme have lost their money forever. More than a dozen of them have sued Interbank. < Back | Next > Disclaimer: This newsletter is provided as a public service and not intended to establish an attorney client relationship. Any reliance on information contained herein is taken at your own risk. | 
