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EB-5 Program Companies Being Investigated

EB-5 Program Companies Being Investigated

SIOUX FALLS, S.D. (AP) — The bankrupt Northern Beef Packers plant in Aberdeen wasn’t the only big South Dakota project funded by a controversial visa program.

More than a dozen other projects in the state were funded entirely or in part by wealthy foreigners investing $500,000 each in exchange for green cards under the federal EB-5 program. Many of those projects are successful enterprises, but at least one is a prominent failure.

Former officials of the Northern Beef Packers plant have said federal investigators have been asking questions about the financial dealings and the EB-5 program.

But Ken Rutledge, CEO of Huron’s Dakota Provisions turkey processing plant, says the financing program worked well for that plant.

Some South Dakota dairy operations that went bankrupt also used the program.

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