Ben Chung

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The EB-5 Immigrant Investor Program (the “EB-5 Program”) administered by the U.S. Citizenship and Immigration Service (USCIS) has been a significant source of capital for various real estate and other development projects throughout the United States. Because capital contributed by foreign nationals under the EB-5 Program typically takes the form of an investment in a limited partnership, the sale of these interests can have securities law implications. Not surprisingly, the SEC has begun to look…