A Clark County, Washington, man pleaded guilty Thursday in federal court to wire fraud.
Federal prosecutors said Isacc Voss defrauded people trying to secure EB-5 visas by getting them to invest a minimum of $500,000 into his company, X Fuels.
Voss told foreign investors — as well as investors in California, Oregon and Washington — that his company was developing a technology that would turn any carbon material into electricity and other fuels.
“Voss robbed victims of investment dollars by preying on their hopes of becoming legal permanent residents in the U.S.,” said Billy Williams, U.S. Attorney for the District of Oregon. “I implore both domestic and international investors to think twice before supporting schemes that promise immigration shortcuts.”
The EB-5 visa program targets investors who also create jobs. The federal government denied the visas because the X Fuels project didn’t qualify for the program.
The U.S. Attorney’s Office in Oregon said Voss used “elaborate marketing materials, including flyers, brochures and a website, containing false information about his company, the technology and the investment opportunity.”
Voss faces a $250,000 fine and up to 20 years in prison. U.S. District Court Judge Anna Brown is scheduled to sentence him Aug. 14.