EB5 Investors Magazine Volume 5, Issue 2 - Page 84

TOP ATTORNEYS IN SPECIALIZED FIELDS investment with a focus on best practices, compliance, litigation and targeted due diligence. Lurie counsels individual investors on immigration benefits and risks and advises project developers, issuers and regional centers on EB-5 structuring and finance matters. Lurie has practiced law for over 25 years and is based out of the firm’s Washington D.C. office. She educates her colleagues and clients on measures to enhance the integrity of the EB-5 program and its stakeholders. She co-chairs the Best Practices and Policy Committees for IIUSA and sits on the AILA EB-5 Committee. DAWN M. LURIE Partner Seyfarth Shaw LLP D awn M. Lurie is a partner at Seyfarth Shaw LLP, as well as co-chair of the EB-5 Investment practice and the Immigration Compliance Team. When advising clients, Lurie presents creative solutions and is known to identify issues long before they become problematic. Specialized in immigration compliance, her EB-5 practice includes a range of representation involving EB-5 foreign WHY DID YOU GET INVOLVED IN THE EB-5 INDUSTRY? When filing my first EB-5 in 1993, I never imagined the industry would grow to where it is today. My Middle Eastern clients originally motivated me to become familiar with the program, and I then continued to dabble in EB-5 for the next 10 years. In 2010, I was fully drawn back in and quickly realized that EB-5 was missing a compliance component. I saw an opportunity to work closely with my securities partners on due diligence as 500, LawDragon, Best Lawyers, and the Who’s Who of Corporate Immigration Lawyers. Paparelli also hosts a monthly EB-5 national teleconference for project developers and regional centers, and writes frequently in many business and legal publications. He co-edited Forming and Operating a Regional Center: A Guide for Developers and Business Innovators and The EB-5 Book 2014-2015 Edition. ANGELO PAPARELLI Partner Seyfarth Shaw LLP A ngelo Paparelli is co-chair of the EB-5 Immigrant Investment Specialty Team and a partner in the Business Immigration Practice Group of Seyfarth Shaw LLP. A Certified Immigration Law Specialist, with a background in international business and tax law, Paparelli brings unique expertise to the EB-5 field. He is recognized as a Band 1 immigration attorney by Chambers, Legal 83 EB5 INVESTORS M AGAZINE WHAT DO YOU THINK THE FUTURE OF THE EB-5 INDUSTRY LOOKS LIKE? More job creation, geographically-dispersed economic development, and program integrity. The missing program element: Meaningful investor protections. Congress should empower an independent fiduciary for investors to continually monitor project activity and compliance, and alert investors if material changes to projects or deviations from the business plan have occurred. It should also give defrauded investors a variety of immigration “soft landings” such as reasonable alternatives to remain lawfully and, in deserving cases, to be employed. The choice need not only be to leave or face an immigration judge. the Securities and Exchange Commission gained an awareness of EB-5. By 2012, I had fully committed myself to raising awareness on best practices, disclosures, conflicts and transparency. WHAT TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY? I foresee new mandamus actions forcing the federal government to make decisions within reasonable time frames, along with challenges to unreasonable or inconsistent agency decisions. I also anticipate investor class action litigation’ civil suits between regional centers, projects, sponsors and developers and escrow agents. We will likely also see malpractice cases against attorneys providing poor or uneducated advice, and companion civil cases against attorneys with alleged conflicts and inadequate disclosures. Also, if redeployment of capital is mandated and then not outlined carefully, I foresee systematic failures affecting the program including litigation over failed secondary projects or loss of funds. Soft landings should be available to all investors, including those lacking funds for new or re-fortified investments. WHAT TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY? I foresee federal and state aggrieved- investor class action litigation and suits against federal agencies by individuals and entities challenging unlawfully promulgated regulations and improper agency practices and adjudications. I also see federal and state court suits between and among investors, regional centers, new commercial enterprises, job creating entities, developers, lenders, broker/dealers, insurance companies and agents and miscellaneous third parties, based on breach of contract, tor ts and statutory rights. Lastly, there are challenges involving license revocations and revocations of regional center designation, criminal prosecutions, receiverships in bankruptcy and civil forfeiture actions.