What are my rights when regional center asks me to release or withdraw funds before I-526 approval? - EB5Investors.com

What are my rights when regional center asks me to release or withdraw funds before I-526 approval?

My EB-5 funds are still in the escrow account. The regional center has no senior loan secured for the project due to Covid-19. Can the regional center push the investor before I-526 approval to select between releasing the fund to the project or withdrawing the funds and the I-526 petition? If no selection is made, can the investor be considered to have selected withdrawal? If the regional center should not do this, what can I do with the regional center? Can I start a court case against the regional center?

Answers

Salvatore Picataggio

Salvatore Picataggio

Find an EB-5 Visa Lawyer: Immigration Attorney
Answered on

Your securities offering documents should dictate how funds can be released. If they are modifying the agreement, you can agree to that, if you wish, but it certainly is an interesting request. EB-5 funds do not ever need to be in escrow even though it is so commonly done. They can go right to the project from the investor.

Bernard P Wolfsdorf

Bernard P Wolfsdorf

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Answered on

Both your rights and the Regional Center''s rights are defined by the law, and most importantly, by the contract you signed. You need to review the private placement memorandum and the investment agreement to evaluate your rights.

Lynne Feldman

Lynne Feldman

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Answered on

You would need to review the terms of the project documents.

Dale Schwartz

Dale Schwartz

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Answered on

It depends on what your documents say. Read them.

Sam Silverman

Sam Silverman

Business Plan Writers
Answered on

This will depend on what the documents you signed state with respect to capital withdrawal from escrow.

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