SEC Charges New York Businessman with Fraud and Unregistered Sales of Securities to Investors Seeking Permanent Residency in the U.S.

The Securities and Exchange Commission today charged Nadim Ahmed, a New York-based businessman and his companies, NuRide Transportation Group, LLC and NYC Green Transportation Group, LLC, with making fraudulent misrepresentations in securities offerings to investors seeking permanent residency through the EB-5 Immigrant Investor Program. The SEC also charged Ahmed along with Mehreen Shah a/k/a Mona Shah, a New York-based immigration attorney, and her law firm with offering unregistered securities to investors in offerings that raised more than $66 million from more than 100 investors. Under the EB-5 Immigrant Investor Program, investors are eligible for permanent residency status in the U.S. if they make a qualifying investment in a new commercial enterprise in the U.S. that creates a certain number of permanent full-time jobs for qualified U.S.