 TRIAL IN IMMIGRANT INVESTOR CASE CONCLUDES
Closing arguments were made this week in the prosecution of two men for visa fraud related to a program that set up investments for immigrant investor visas. James F. O’Connor and James A. Geisler are accused of setting up fraudulent investments and filing false applications with the INS. During testimony late last week, O’Connor admitted that he misrepresented the investments to clients, and that Interbank, the company the two men started, used client funds to pay its business expenses.
The admission came under cross-examination when O’Connor was confronted with documents that had been seized by the INS during a raid on Interbank offices. Despite the admission, O’Connor maintained that there was no fraud, and that the $ 500,000 required investment was available in each case that the company filed. Prosecutors say that only 0,000 was invested, and that the remainder was made up of fraudulent loans from offshore banks. On his second day of testimony, O’Connor admitted that he used money provided by the investors to pay income taxes.
During the closing argument, the prosecution said that the two defendants took nearly million from their clients, who were described as “perfect victims” because of their unfamiliarity with US immigration law and their desire to obtain legal US residence. The defendants admitted making bad business decisions, but denied that they misrepresented anything to either their clients or the INS.
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