CASE Study

Building the Case for an EB-5 Visa Fraud

The EB-5 Immigrant Investor Program allows foreign investors to become US citizens if they invest in a US business and create jobs. The program can be abused where the money invested is used for purposes other than investing in job creation. The SEC established an enforcement action and appointed a federal equity receiver to examine one such case. The receiver reached out toTop 20 firm, Baker Tilly for help.

Jeff George, Partner of Forensic Accounting at Baker Tilly took the case and engaged Valid8 knowing that the amount of money that could be recoveredlimits how much time and effort to be invested. There were seven legal entities involved and each had multiple accounts where it was critical to understand when and how much money got transferred and co-mingled.

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Process

Discovery time was compressed by Valid8 by fully verifying reconciled data within hours, as each iteration of documents was uploaded to gain a complete picture covering numerous related and unrelated entities.
The ability to identify specific missing periods/statements for various accounts helped strengthen and streamline subpoena requests.
The comprehensive analysis not only identified undisclosed accounts within minutes, but the clarity and specificity helped accelerate the outcome.

Outcome

Transaction Aggregation: Over 200 statements were uploaded from dozens of accounts, spanning seven entities over a four-year period.
Fraudulent Activities: Patented algorithms swiftly identified undisclosed accounts and fraudulent transfers.
Swift Resolution: Case duration was significantly shortened to a three-month engagement, enabling the team to scale with additional cases, without any additional headcount.

Customer Testimonials

“Valid8 tags all potential transfers. When combined with their matching algorithms, finding undisclosed accounts is simple and only takes a few minutes.”

“For many cases, you don’t know how much effort should be put forth. Valid8 allows a rapid assessment and insight into the scope of any financial investigation.

Need to prepare evidence? Help your team follow the flow of funds faster.

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