I submitted Form I-526 for EB-5 in 2016. After negotiations with the GP, I agreed to withdraw, and in 2018 I received the USCIS ‘Acknowledgment of Withdrawal’ document. In October 2018, I received $100,000 from the Escrow as a Subscription Holdback amount. According to the Escrow Agreement, the Escrow Agent should be instructed to disburse the remaining $400,000 from the Holdback account to the partnership, so that the partnership can refund me.
The Partnership representative at that time agreed that I withdrew and also agreed to fully refund me. However, after numerous communications, the $400,000 has still not been returned. I inquired with the Escrow agent, who forwarded the email to the partnership, but no one responded.
I strongly suspect that after my Form I-526 was withdrawn, the partnership used my withdrawal as supporting documentation to release $00,000 from the Escrow Subscription Holdback Account to the partnership, and has been secretly using this $400,000 ever since. Therefore, it has not been returned to me to this day.
I have all relevant documents, including the PPM, Subscription Agreement, Escrow Agreement, USCIS Form I-797C, and USCIS Acknowledgment of Withdrawal filed with Form I-526.
Answers
David Raft
EB-5 Immigration attorneysFrom the information you have shared, you appear to have a potential claim to recover the $400,000 that was supposed to be returned after your withdrawal from the EB-5 investment, but this is no longer primarily an immigration matter. Since USCIS acknowledged your I-526 withdrawal in 2018 and the dispute concerns the return of investment funds under the Partnership, Subscription, and Escrow Agreements, you should consult an attorney who practices business law and could advise you if you have a potential claim for breach of contract, and potentially also report the GP to the FBI/SEC, etc. You would want to consider retaining an attorney with experience in partnership disputes, contract litigation, securities litigation, fraud, or EB-5 investment disputes—not an immigration attorney.
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