El Segundo Ponzi Scheme Targets Latinos
Headline Legal News
An El Segundo woman took $23 million in a Ponzi scheme that targeted Latinos, the SEC says in Los Angles Federal Court. Clelia A. Flores and her business, Maximum Return Investments, took the money from more than 150 people in seven states, by "guaranteeing" 25 percent returns in 45 days, the SEC says.
Flores roped in customers by offering high-yielding investments in oil, gold, and real estate, the SEC says. It claims she spent more than $3.5 million of it on herself, $443,000 to buy a home, and almost $1.5 million to finance MRI's operations and pay for a lavish party to celebrate the company's alleged success.
Flores promised "guaranteed" returns of up to 25 percent within 45 days, according to the complaint. But she allegedly used only $5.6 million to invest in high-risk ventures and start-up companies that never paid MRI any returns. She allegedly ran the scam from 2006 through 2008.
The SEC seeks an injunction, disgorgement, and fines.
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USCIS Issues Clarifying Guidance on NAFTA TN Status Eligibility for Economists
U.S. Citizenship and Immigration Services (USCIS) announced today that it is clarifying policy guidance (PDF, 71 KB) on the specific work activities its officers should consider when determining whether an individual qualifies for TN nonimmigrant status as an economist.
The North American Free Trade Agreement (NAFTA) TN nonimmigrant status allows qualified Canadian and Mexican citizens to temporarily enter the U.S. to engage in specific professional activities, including the occupation of economist. The agreement, however, does not define the term economist, resulting in inconsistent decisions on whether certain analysts and financial professionals qualify for TN status as economists.
TN nonimmigrant status is intended to allow a limited number of professionals and specialists to work temporarily in certain specifically identified occupations in the United States. This updated guidance provides USCIS officers with a specific definition of one such category – economists – allowing them to adjudicate applications in a way that complies with the intent of the agreement. This policy update clarifies that professional economists requesting TN status must engage primarily in activities consistent with the profession of an economist. Individuals who work primarily in other occupations related to the field of economics — such as financial analysts, marketing analysts, and market research analysts — are not eligible for classification as a TN economist.