Response to SEC’s Allegations Concerning Mona Shah, Esq., Mona Shah and Associates Global, & Gravitas NYC (formerly NYC Transportation Regional Center)
NEW YORK (November 22, 2023)— EB-5 specialist Mona Shah and Associates Global (“MSA” or the “firm”), an authority in the investment-migration industry for more than 25 years, is troubled by the allegations by the Securities and Exchange Commission (“SEC”) that MSA, Ms. Shah and the Gravitas NYC Regional Center purportedly ran afoul of Section 5 of the Securities Act. MSA has long prided itself on the quality and integrity of its services and staff. MSA goes to great lengths to ensure compliance with federal, state, and local laws and regulations. “It is disappointing that the SEC has made these allegations based on a technicality, and we are confident we will show we acted appropriately,” said Mona Shah, Esq., Managing Partner at New York-based MSA, noting that the complaint followed a rushed investigation based on incomplete information, given the SEC’s concerns about potential issues with the statute of limitations. The Complaint does not allege fraud against Ms. Shah, MSA or Gravitas, but instead alleges that their securities offerings failed to comply with the technical exemptions from registration.
THIS COMPLAINT DIRECTLY IMPACTS INNOCENT INVESTORS
The impact of this complaint already has had troubling consequences for the investors. The SEC’s complaint creates serious risks as to whether U.S. Citizenship and Immigration Services (“USCIS”) will adjudicate the petitions impartially and on the merits. That result is antithetical to the SEC’s mission, which was established to protect investors. MSA has spent thousands of hours fighting for the investors in these projects.
A STRICT LIABILITY CHARGE
The claim made by the SEC is based on a technicality. Shah, MSA and Gravitas NYC Regional Center believe the claim is unfounded and unsupported by the evidence that we acted appropriately. “We are confident that we will prevail in court, given the strength of our legal and factual arguments,” Shah said. “Hopefully this case will set a precedent that will demonstrate that this kind of sweeping complaint has no merit.”