As I understand it, an Arizona company obtained $500,000 each from 300 Chinese investors, who would then supposedly qualify for EB-5 Visas. What they invested in was a huge wholesale shopping mart the size of 26 football fields, to be built in Casa Grande, a city of 50,000. The problem is, "PhoenixMart" has yet to be built, and now there are reports of money laundering triggering the FBI raid.
I'm wondering if this was a scam from the beginning, or was there an actual chance that this huge development would eventually be built? The idea of a mega wholesale mall with 1,700 tenants and 8,000 employees in rural Arizona seems unlikely to succeed. I can't find much background info on the principals of the company.
http://www.bizjournals.com/phoenix/n...-kierland.html
PhoenixMart in Casa Grande still vacant
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