TOP CORPORATE AT TORNEYS
CLEM G. TURNER
CHIESA SHAHINIAN & GIANTOMASI PC
Clem G. Turner is a par tner
with Chiesa Shahinian &
G ia n to m asi P C. H e b r i n g s
nearly 25 years of experience
advising clients on a broad
range of corporate and
securities law matters. Since 2010, Turner has counseled
hundreds of clients raising capital through the EB -5
program on matters of structuring, strategy, securities
law and corporate law. He has handled EB-5 offerings
for a large variety of properties. His experience includes
EB-5 offerings ranging from direct $1 million raises up to
complex $400 million raises and everything in between.
In the aggregate, Turner has counseled clients who have
raised billions of dollars through the EB-5 program.
WHAT TRENDS ARE YOU SEEING IN
THE EB-5 INDUSTRY?
As a result of the new EB-5 program regulations, which
went into effect on Nov. 21, 2019, most long-term trends in
the EB-5 market were rendered obsolete. Since the
regulations were enacted, we have seen investor returns
rise and foreign investors partner with developers and
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EB5 INVESTORS M AGAZINE
companies on a more significant level than in years past.
We have seen foreign investors pay above the minimum
investment level in exchange for true equity in an underlying
project. Furthermore, with the increased participation of
Indian investors in the EB-5 program, we have handled
several direct EB-5 investments into emerging technology
companies.
HOW ARE YOU HANDLING
THE ISSUE OF REDEPLOYMENT?
Redeployment touches on several issues in the corporate,
securities and immigration areas. From a corporate
perspective, it is critical to understand what rights the EB-5
project manager has and what decisions require consent
from the EB-5 investors. If you are requesting an investment
decision from EB-5 investors, securities laws require a
significant level of accompanying disclosure. EB-5 managers
must also navigate the Investment Company Act and
Investment Advisors Act, if they are advising investors to
redeploy funds in new projects. Advising on investor
communications is also essential. EB-5 managers who lack
their investors’ trust are more likely to face a lawsuit as a
result of their redeployment efforts.