Kurt: In today's discussion, we're talking about what due diligence is in the EB5 context. That includes the procedures involved in performing due diligence, understanding the need for it and the benefits of due diligence.
To better define the EB5 due diligence concept, I've pulled a quote from an article written by Doug Hauer entitled “EB-5 Due Diligence Matters, Industry at Point of Inflection Regarding Securities Compliance”.
In the article Doug writes, "Pursuant to the Federal securities laws, an issuer and any parties acting for that issuer must exercise reasonable care in ensuring that the information given to the offerees and purchasers about a deal is complete and accurate."
"Due diligence is the process of ensuring, to the best of the investigator's ability that the statements, documents, and other information passing from the issuer to the purchasers are correct, and devoid of any false or misleading information to the same degree that the investigator would if evaluating his own property."
Greg, do you have any thoughts on Doug's definition?