The Security and Exchanges Commission is investigating the real estate company belonging to the family of President Donald Trump’s senior adviser and son-in-law Jared Kushner regarding its use of a federal investment-for-visa program.
The Wall Street Journal reported Saturday that Kushner Companies is being investigated for its use of the EB-5 visa program, which provides green cards to immigrants who invest a minimum of $500,000 in certain businesses in the United States that have been determined to create at least 10 jobs per investor.
In May 2017, Kushner Companies received a subpoena from the commission, seeking information regarding its use of the EB-5 program — the same month that the company was issued a separate subpoena from New York federal prosecutors. The New York investigation surrounds development projects by Kushner Companies that were financed in part by the EB-5 program.
The subpoena from federal prosecutors, which included a request for email correspondence, concerned at least one specific project: a Jersey City, N.J., development of twin, 66-floor commercial-and-residential towers called One Journal Square, the Journal reported.
According to the Journal, the previously unreported SEC investigation is “being conducted out of the commission’s Texas office and in collaboration with federal prosecutors from the Brooklyn U.S. attorney’s office.”
When asked about the SEC probe, a spokeswoman for Kushner Companies referred to a previous statement about the Brooklyn attorney’s investigation.
“Kushner Companies utilized the program, fully complied with its rules and regulations, and did nothing improper. We are cooperating with legal requests for information,” general counsel Emily Wolff said in the past statement.
Kushner had been running his family’s real estate business until last year, but resigned from the company to become a senior adviser at the White House. He did, however, retain a stake in some portions of the family business, according to the WSJ report.
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