FBI Raids PhoenixMart HQ In Securities Fraud Investigation

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FBI Raids PhoenixMart HQ In Securities Fraud Investigation

The FBI raided the PhoenixMart headquarters last week in northeast Phoenix. Agents swarmed the building at 7:00 AM on Thursday to investigate possible securities and investor fraud at the company.

Agents were not allowed to speak on the raid. However, a spokesperson for the FBI said that the bureau could confirm the raid was ongoing but could not add any more details at the time.

PhoenixMart is funded by EB-5 investments, those allowed from foreign entities. The $500,000 buy-in generates conditional visas allowing U.S. residency by the investors and extended family.

According to a former PhoenixMart executive said some investors who had purchased homes in Paradise Valley and Scottsdale are now facing deportation for violating visa conditions.

The multi-million-square-foot mixed-use project was supposed to have been a major economic boom for the Pinal County community. More than 500 acres were committed to the project, along with significant public improvements.

If you or someone you know has lost money as a result of an investment or Ponzi scheme, please contact Richard Frankowski at 888-741-7503 to discuss your potential legal remedies or complete the contact form.

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