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PhoenixMart says it’s cleared after federal investigation

Posted by   /  May 11, 2018  /  No Comments

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By Phil Riske | Senior Reporter/Writer

In a news release issued Friday, PhoenixMart said it “was officially informed [it] is not the target or subject of an investigation by the U.S. Department of Justice.”

In 2016, the U.S. Attorney’s office, FBI, Securities and Exchange Commission, and the U.S. Customs and Immigration Service began investigating possible abuses by officials from PhoenixMart for its involvement in a program that trades foreign investment for U.S. “Green Cards.”In November that year, the FBI raided the PhoenixMart headquarters in Phoenix. The investigation has been under seal.

PhoenixMart is a development in Casa Grande, which is billed as a product- sourcing center, where manufacturers, wholesalers, and retailers will be able to connect to buyers. The development is advertised as creating between 8,000 and 10,000 jobs.

The developers are funding the project with money from foreign investors who are taking part in the government’s EB5 Visa program. Under EB5 guidelines, foreign nationals can invest $500-thousand in a program that creates a certain number of jobs in the US, in exchange for up to 10 “green cards.”

PhoenixMart said today’s announcement “will pave the way for the company to focus on securing the financing required to accelerate construction. Our resolve is stronger than ever, and we are committed to completing this groundbreaking project as soon as possible.”

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