According to the Wall Street Journal, the Securities and Exchange Commission opened a previously-unreported investigation a year ago into Kushner Cos., the real-estate company owned by White House senior adviser Jared Kushner, who is the son-in-law of President Donald Trump.
The Securities and Exchange Commission sent the Kushner Companies a subpoena asking for information about the firm's petitions for EB-5 visas, which allow wealthy foreign nationals to obtain green cards if they invest in job-creating projects in the U.S.
The investigation is being conducted in concert with a previously reported investigation into the company's EB-5 use by federal prosecutors from the USA attorney's office in Brooklyn. As The Wall Street Journal reported a year ago, that month the company received a separate subpoena from NY federal prosecutors asking for information about development projects financed in part by the EB-5 program.
Regarding the SEC inquiry, which had not been previously reported, Kushner attorney Emily Wolf's spokesman reiterated a comment made about the federal inquiry stating, "Kushner Cos. utilized the program, fully complied with its rules and regulations, and did nothing improper".
The federal and SEC subpoenas came shortly after a marketing campaign soliciting Chinese investors for a project called One Journal Square.
The SEC has also investigated other companies thought to misuse the EB-5 visa program, such as an Idaho man who used some of the $140 million he raised through EB-5 offerings on personal expenses and other parts of his company, rather than on the project for which he received visas, to acquire and develop luxury real estate, according to the SEC.
The Securities and Exchange Commission has joined an investigation into Kushner Cos., the real estate company owned by the family of White House senior adviser Jared Kushner. As many as 300 people could qualify for green cards who invested $500,000 each in the project, the Journal reported.
The oft-criticized EB-5 visa program offers green cards to immigrants who invest $500,000 or more in some US businesses, so long as that investment creates at least 10 jobs.
The global kerfuffle sparked previous year when Kushner Companies' principal Nicole Kushner Meyer mentioned her brother Jared during a pitch to investors appears to have triggered an investigation from the Securities and Exchange Commission.