The Truth About Cars » GreenTech Automotive http://www.thetruthaboutcars.com The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. Thu, 23 Oct 2014 04:02:07 +0000 en-US hourly 1 http://wordpress.org/?v=4.0 The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. The Truth About Cars no The Truth About Cars editors@ttac.com editors@ttac.com (The Truth About Cars) 2006-2009 The Truth About Cars The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. The Truth About Cars » GreenTech Automotive http://www.thetruthaboutcars.com/wp-content/themes/ttac-theme/images/logo.gif http://www.thetruthaboutcars.com GreenTech Automotive At Heart of IG’s Investigation of DHS Nominee http://www.thetruthaboutcars.com/2013/08/greentech-automotive-at-heart-of-igs-investigation-of-dhs-nominee/ http://www.thetruthaboutcars.com/2013/08/greentech-automotive-at-heart-of-igs-investigation-of-dhs-nominee/#comments Tue, 06 Aug 2013 12:00:44 +0000 http://www.thetruthaboutcars.com/?p=498311 Neighborhood EV startup GreenTech Automotive and it’s sister company, Gulf Coast Funds Management, which are the subjects of a Securities and Exchange Commission investigation into how they solicited foreign investors seeking EB-5 visas, are also at the heart of a Department of Homeland Security Inspector General’s  investigation of U.S. Citizenship and Immigration Services (USCIS) Director Alejandro […]

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Neighborhood EV startup GreenTech Automotive and it’s sister company, Gulf Coast Funds Management, which are the subjects of a Securities and Exchange Commission investigation into how they solicited foreign investors seeking EB-5 visas, are also at the heart of a Department of Homeland Security Inspector General’s  investigation of U.S. Citizenship and Immigration Services (USCIS) Director Alejandro Mayorkas. The USCIS-IG is examining Mayrokas’ role in helping those firms secure a job-creating investor’s visa for a Chinese executive. Mayorkas has been nominated by Pres. Obama for the number two position at DHS and would be acting director until the president names Janet Napolitano’s replacement as secretary of Homeland Security. GreenTech/Gulf Coast has been the largest beneficiary of the EB-5 program since 2009, with almost 100 approved and more pending.

A email sent to members of Congress from the IG’s office said that its investigation of the EB-5 visa program began last year after a referral from the FBI’s counter intelligence unit. The EB-5 program allows those who are not U.S. citizens to get a citizenship-tracked permanent residency visa to this country if they invest $500,000 to $1 million in a manner that is considered job creating. The email said that Mayorkas was alleged to have helped Gulf Coast, run by Anthony Rodham, the brother of former Secretary of State Hillary Rodham Clinton, get a particular Chinese investor in GreenTech, co-founded by Virginia gubernatorial candidate Terry McAuliffe, a visa, though both the original application and an appeal were denied. The Washington Post has reported that Clinton, McAuliffe and other GreenTech and Gulf Coast personnel had a dozen email and phone contacts with Mayorkas and other high level Homeland Security officials regarding the investor’s visa.

According to the Inspector General’s email, there are also allegations that officials in the USCIS Office of General Counsel obstructed a Securities and Exchange Commission audit of the EB-5 program that took place before the current SEC investigation. The FBI has been looking into the EB-5 program and other foreign funded projects since at least March of 2012, according to emails the Associated Press obtained. National security concerns prompted the look into Chinese investments in American technology and infrastructure.

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Politically Connected EV Startup GreenTech Automotive Subject of SEC Investigation http://www.thetruthaboutcars.com/2013/08/politically-connected-ev-startup-greentech-automotive-subject-of-sec-investigation/ http://www.thetruthaboutcars.com/2013/08/politically-connected-ev-startup-greentech-automotive-subject-of-sec-investigation/#comments Sat, 03 Aug 2013 22:02:42 +0000 http://www.thetruthaboutcars.com/?p=498056 NBC12.com – Richmond, VA News Electric car startup GreenTech Automotive, which set up a factory in Horn Lake, Mississippi to manufacturer their low speed neighborhood EV called MyCar, is being investigated by the U.S. Securities and Exchange Commission for the way it solicited foreign investors. GreenTech Automotive was co-founded by Virginia gubernatorial candidate Terry McAuliffe, […]

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NBC12.com – Richmond, VA News

Electric car startup GreenTech Automotive, which set up a factory in Horn Lake, Mississippi to manufacturer their low speed neighborhood EV called MyCar, is being investigated by the U.S. Securities and Exchange Commission for the way it solicited foreign investors. GreenTech Automotive was co-founded by Virginia gubernatorial candidate Terry McAuliffe, who is a former chairman of the Democratic National Committee. McAuliffe resigned as chairman of GreenTech in late 2012 when he started his campaign.

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According to the Washington Post, the SEC subpoenaed documents relating to GreenTech and Gulf Coast Funds Management, a sister company that shares a McLean, Virginia address with GreenTech. Gulf Coast Funds is run by Anthony Rodham, whose sister, is former U.S. senator and secretary of state, Hillary Rodham Clinton. The Commission is looking into allegations that the company guaranteed returns to foreign investors that GreenTech sought out by using the federal EB-5 program that will grant foreigners visas to the United States if they invest half a million dollars or more to create jobs in this country. GreenTech has a strategic partnership with China’s JAC Motors.

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SEC officials declined comment and a spokesman for McAuliffe’s campaign said he “has no knowledge of any investigation.” GreenTech and Gulf Coast representatives confirmed the subpoenas and said the companies would cooperate with the SEC investigation. The investigation came to light when internal Department of Homeland Security documents and emails were obtained by Sen. Charles Grassley (R-Iowa), a critic of the EB-5 visas. Some of the documents raised the possibility of “fraud”.

McAuliffe originally said he would build a factory “right in the heart of Virginia,” but after getting incentives from state and local governments in Mississippi, GreenTech located their factory in Horn Lake. Republican Gov. Haley Barbour attended the July 2012 ribbon cutting ceremony, along with McAuliffe’s close friend, former president Bill Clinton.

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When he was still with the company, McAuliffe said last that GreenTech could build 10,000 cars in 2013 and that the factory would be hundreds of people at their Mississippi factory. Actual production has been much smaller, as has hiring. GreenTech won’t release any production figures but Autoblog reported that 2012 production would be closer to 1% of that figure vehicles, 110 vehicles earmarked for Denmark.

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One former employee at the Horn Lake plant told the NBC affiliate in Richmond, Virginia that it was all for show. “They would take everybody and put them out on the line and we would stand over the car with tools in our hand and look like we were doing something to the car, but we wasn’t doing anything.” A company spokesman denied that and described the activities there as “a training build”. A neighbor recently said that the plant is quiet and that nobody he knew who applied there had gotten jobs.

Memphis, Tennessee’s WMC-TV Action News 5 (auto start video) says they’ve found no evidence of significant car production at the Mississippi facility. GreenTech allowed WMC-TV cameras in the factory but wouldn’t let them close to the production line.

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