Green cards, not green cars

GreenTech, the electric car company founded by Terry McAuliffe (Democratic candidate for governor of Virginia, and erstwhile chair of the Democratic party) is under investigation by the SEC. One of the charges is that GreenTech was offering a bogus investment vehicle that basically amounted to selling EB-5 visas, which can be converted to green cards.

How can a private company be selling green cards, you wonder? Apparently there is a provision in the immigration code whereby you can get an EB-5 visa for starting or investing in a business that creates jobs in “targeted employment areas.” (I’m sure there’s no cronyism in how those are chosen. . .) GreenTech (allegedly) was certifying people as EB-5 investors who weren’t really making any investment at all.

UPDATE: McAuliffe’s actual defense: “I was just the chairman.”

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