|A SD EB-5 Fiasco|
Where's The Beef?
(photo from eb-5 news.com)
Given the multi-layered and interconnected chains of events and participants in this fiasco that lasted for several years, I'd be amazed if South Dakota officialdom could put together a comprehensive (note the letter demanding "all" evidence) case for the state. Just the same, the drop-dead date of October 31 has to be acknowledged, so the stripping of our state's relationship to the program still hangs in the balance, tenuous as I think it may be. More cogent though is the way DHS reiterated all the issues involving SDRC's mismanagement of the program contractually overseen by the Governor's office. Cory Heidelberger summarizes them well at Dakota Free Press. As you know, the Constant Commoner has been on this frequently since 2013--an effort that I feared was wasted until I got some vindication in the body of the termination notice. DHS broadly concludes that its termination decision is based on South Dakota Regional Center's failure 1)"to submit required information" and 2)that SDRC did not "serve the purpose of promoting economic growth." The specifics in the letter include phrases like 3)"failure to provide required information," 4) "failure to fully account for capital investments," 5)"conflicting information provided" in required filings, 6)"diversion of EB-5 funds from job creation purposes," 7)"lack of regional center due diligence, monitoring and oversight," 8)"investor complaints," 9)"violation of terms of escrow agreements," and 10)"material misrepresentations,"
You can likely find more conclusions condemning the state's oversight of this program by
|Looks Like SD Is Out Of This Market|
Will We Ever Know What Happened?
(photo from eb-5.com)
Will somebody please set up an independent ethics commission for this state?