McALLEN, Texas (AP) ? Federal authorities are investigating whether a government-sanctioned business in South Texas that recruits foreign investors for a U.S. visa program is actually a Ponzi scheme.
Search warrants filed in federal court in McAllen indicate the FBI has been investigating USA Now Regional Center since at least early last year on suspicion of wire fraud, money laundering and transportation of stolen property. Federal agents searched the company's office and the owners' home earlier this month. The investigation was first reported by The Monitor in McAllen.
So-called "regional centers" are private businesses designated to recruit foreign investors to the EB-5 investor visa program. The centers pool investors' money for projects that create jobs. No charges have been filed. A lawyer representing the company did not immediately return a call for comment.
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