EXCLUSIVE: FBI raids PhoenixMart HQ in Kierland with securities fraud investigation

[bluedigger]

Source: Phoenix Business Journal

The PhoenixMart headquarters was raided by the Federal Bureau of Investigation Thursday morning in northeast Phoenix.
FBI agents swarmed the building at 7 this morning in what those close to the investigation said was a look into possible securities and investor fraud at the company.

...

PhoenixMart is funded by EB-5 investments — those allowed from foreign entities, in this case mostly Chinese investors. The $500,000 buy-in generated conditional visas allowing U.S. residency by the investor and extended family.

...

Elizabeth Mann is the company's CEO and could not be reached immediately for comment. QuinQuin Quayle, daughter-in-law of former vice-president Dan Quayle, was until recently Mann's chief of staff and was unavailable for comment at the time this story was posted.

Read more: http://www.bizjournals.com/phoenix/news/2015/11/19/exclusive-fbi-raids-phoenixmart-hq-in-kierland.html

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[erronis]

1. Well,at least we're pretty sure Dan Quayle is clueless about this.

Sorry - snarky.

"Just ask Quin-Quin - she is the brains around here."

[valerief]

2. You can steal from anyone but rich people. nt

[mrdmk]

3. EXCLUSIVE: PhoenixMart: 'We're open for business as usual' on Friday

<snip>
In the wake of a morning raid by agents of the Federal Bureau of Investigation, PhoenixMart officials say that they will be back in the office tomorrow.

“We’re cooperating fully with the FBI,” said Patrick Welch, vice president of AzSourcing, parent company of the proposed 1.7 million-square-foot Casa Grande expo center. “Originally the FBI said that they were investigating one of our investors.”

<snip>
Federal officials speaking on background because of not being authorized to speak to the media said while they couldn’t comment on specific investors’ status, failure to make the required capital investment or create the required jobs within two years was grounds for deportation on a conditional EB-5 visa. They confirmed that for some investors in this project, the two-year deadline has passed.

<snip>
The U.S. Citizenship and Immigration Service website says an EB-5 visa allows a foreign national to invest $500,000 in a rural economic development project, like PhoenixMart, and create 10 jobs. Doing so allows the investor and immediate family to earn a green card. The program is in two steps, with a conditional visa being issued upon investor approval, and the conditions removed once it is demonstrated that the investor met program requirements.

link: http://www.bizjournals.com/phoenix/news/2015/11/19/exclusive-phoenix-mart-were-open-for-business-as.html


Let me get this straight, someone with the ability to invest $500,000 is able to move here with their extended family (does that mean anybody with the same last name and then some) from any country. That does not make sense unless you are promoting for a country of millionaires. The above link does say something about a disgruntled employee and one investor under investigation.


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