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Panelists: REID THOMAS, DAN SMITH, ROBERT CORNISH

Moderated by: RUPY CHEEMA, KURT REUSS

We will discuss the account transparency requirement introduced in the Goodlatte Bill (H.R. 5992). This function is clearly needed in EB-5 as explained below.

"There is a need for more oversight and transparency…. If there is no independence in the administering and distribution of EB-5 funds, it exposes the program to instances of fraud.”
- Ronald Fieldstone

"Clearly, a healthy, sustainable EB-5 ecosystem cannot endure without meaningful investor protections and reliable safeguards."
- Angelo Paperelli

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Reid Thomas

NES Financial

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Dan Smith 

Trident

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Robert Cornish

Phillips Lytle

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Rupy Cheema

EB5 Diligence

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Kurt Reuss

Primary Capital  

 

The most frequent time-period for fraud to occur is when investor funds are recieved by the NCE up until they are released to the JCE. Account transparency requirements are designed to prevent this fraud. With industry experts, we discuss:

  • What the account transparency requirement might include.
  • Benefits of the account transparency requirement.
  • Who can be an independent signatory.
  • What fund administration services cost and the benefits of using one.