We filed an I-526 petition back in Aug 2018. The funds are in escrow account and our i-526 is not approved as of yet. We would like to withdraw our petition. When we reached out to the Investing company, their response was below:
”The governing document of the company provides for voluntary withdrawal from the company following a denial of an immigration petition if the required voluntary withdrawal notice is timely given, but that document does not provide for voluntary withdrawal otherwise. Therefore, if you withdraw your I-526 Petition, the governing document of company does not provide with you the right to voluntarily withdraw as a member of the company and/or have your capital contribution returned.
All of this is outlined in the offering documents and the company fully intends to deal with investors and their investment in the company as described in the offering documents.
Please help us understand how we can proceed with withdrawing the petition and the funds?
The best way to withdraw is to simply send a letter to USCIS seeking a withdrawal of the petition.
You can withdraw the petition at any time and USCIS will honor your withdrawal. But the terms of the loan or investment are governed by the subscription agreement and absent fraud or misrepresentation, most regional centers will require you to honor your investment contract.
Immigration will allow you to withdraw the I-526 with just a letter requesting this. This issue of capital contributions being returned is more complicated and would require an analysis of the documents you signed when you invested.
There are two issues. Withdrawal of the petition and withdrawal of the investment funds. It is simple to withdraw the petition, you just send a letter to USCIS to withdraw the petition with the case number. Withdrawing the petition does not mean you get your money back. There are strict terms governing the return of the investment which you consented to. You would have to review the terms of the offering document and may not be able to get the funds back for a certain period of time even if you elect to withdraw the petition.
The people running this investment seem to misplace much of the language and rationale for escrow. If your funds are in escrow, they are not technically invested. A securities attorney will need to review your offering documents, including the escrow agreement and other materials. You may have to enforce your agreements in court or arbitration.
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