WSJ: SEC Probing Kushner Companies’ Use Of EB-5 Visa Program

WASHINGTON, DC - DECEMBER 3: White House Senior Advisor to the President Jared Kushner speaks during a conversation with Haim Saban at Saban Forum, December 3, 2017 in Washington, DC. The Saban Forum is a US-Israeli dialogue, hosted by the Brookings Institution. (Drew Angerer/Getty Images)
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The Securities and Exchange Commission is investigating the Kushner Companies’ use of the EB-5 visa program, which grants green cards to foreigners who invest in American businesses, the Wall Street Journal reported Saturday morning, citing unnamed people familiar with the matter.

The SEC issued a subpoena to the Kushner Companies, the company run by the family of White House adviser Jared Kushner, in May 2017 asking for information on the company’s use of the program, according to the Wall Street Journal.

The Wall Street Journal previously reported in August that federal prosecutors in New York separately subpoenaed the Kushner Companies over their use of the program.

It’s not clear whether the SEC probe targets any specific project run by the Kushner Companies, the Journal reported. The subpoena issued by federal prosecutors in New York focused on the One Journal Square development in New Jersey, per the Wall Street Journal.

The Kushner Companies’ use of the visas came under public scrutiny in May when Jared Kushner’s sister, Nicole Meyer, mentioned her brother’s name in a pitch to Chinese investors. At the time, the company apologized and said that they did not intend to try to lure investors by mentioning Jared Kushner’s name.

“In the course of discussing this project and the firm’s history with potential investors, Ms. Meyer wanted to make clear that her brother had stepped away from the company in January and has nothing to do with this project,” the company said in a May statement. “Kushner Companies apologizes if that mention of her brother was in any way interpreted as an attempt to lure investors. That was not Ms. Meyer’s intention.”

Jared Kushner stepped away from the family business and divested from the One Journal Square project, but maintains a stake in other parts of the business. He also recused himself from any policy matters surrounding the EB-5 visa program.

 

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