US Bank Gave Money To Fraudsters, EB-5 Investors Say

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Law360, New York (December 4, 2015, 8:45 PM ET) — A group of Chinese citizens seeking visas under an immigrant investor program sued U.S. Bank NA and an Idaho gold mining company in Utah federal court Thursday, saying the companies should have returned millions of dollars in investment money after the investors’ visa applications were denied.

Despite an investment agreement with Quartzburg Gold LP that assured the 29 investors would each get their $500,000 back if their EB-5 visa applications were denied, the mining company fraudulently asked for U.S. Bank to release the escrowed funds, according…

Source: Law360