The EB-5 immigrant investment program is ripe for change following a scheme linked to a South Florida businessman that bilked investors of hundreds of millions of dollars, attorneys said.

“Even though it has been very successful in bringing development and jobs, [the program] is in need of certain reform, particularly reform that would allow more integrity and more oversight,” said Roy Carrasquillo, a New York attorney with Fox Rothschild who represents developers seeking investment through EB-5 and prospective regional centers.

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