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Scheib/CBIG investment offerings, EB-5 scam, CBIG failure, Scheib files for bankruptcy
editFound this rat's nest while looking for general citations. Very interesting, but I am not sure how to research this deeper or use it on the wiki page, so I am just putting these notes here in case anyone else wants to check it out and use it.
In 2019, a State of Michigan Dept of Licensing and Regulatory Affairs Final Order][1] found defendants Scheib (individually) and his company CBIG CCS LLC to be in violation of the Michigan Uniform Securities Act (2002) in his dealings with person J where he enticed J to 'invest' $500,000 into CBIG (unregistered for selling securities) in order to qualify for an EB-5 visa to immigrate to the USA. Scheib also converted some of J's investment to personal use. Scheib was sanctioned and ordered to "cease and desist from offering or selling unregistered securities and from misstating material facts in connection with the offer or sale of a security, contrary to the Securities Act".
Scheib's/CBIG's operational purpose was to get persons from the Middle East to invest $500M+ in order to qualify for a USA EB-5 visa. Scheib variously called J's $500M deal a 'loan' and/or a 'guaranteed investment' related to an attempt to purchase and re-sell the Kazanjian Red Diamond - both methods would have invalidated an EB-5 visa application (the whole reason J was considering investing in the first place).
In Scheib's 2021 Michigan bankruptcy case#21-42581[2], creditor J sought to challenge the dischargeability of an alleged $500,000.00 debt of Moose M. Scheib (“Debtor”). J's "adversary proceeding alleges Scheib defrauded her out of $500,000.00 by promising to help her obtain a Green Card and immigrate to the United States under the USA EB-5 Investment Program. Instead, J alleges Scheib converted her funds to his personal use."
Per Scheib, CBIG folded in 2016 when Trump was elected. He said, "Most of the clientele I had from the Middle East speak Arabic, or most of 'em, and they don't want - a lot of the folks that we were talking to didn't wanna come to the U.S. after Trump was elected."[1] This information (presumably extracted from a deposition transcript) contradicts the dates in the lead paragraph of the wiki page which states "He was the founder of Cedar Bey International Group (CBIG CCS LLC) from 2016 to 2021". Also, Michigan Secretary of State website shows CEDAR BEY INTERNATIONAL GROUP LLC was formed in 2014. Scheib appears on MI SOS documents up through 2020; in 2021 the registered agent changed to someone else.
Chronology
edit@Rudydino: Events should be listed in chronological order. I see you have again re-arranged the section Legal Troubles to be reverse-chronological order. Read Wikipedia:Manual of Style/Biography#Order of events. Please rearrange the section. Grorp (talk) 05:55, 3 August 2022 (UTC)
- I "again re-arranged the section Legal Troubles" after viewing the Wikipedia manual for this which starts with "In general" so I take that to mean it is not a hard and fast rule. There is a good reason for this to be at the top of the page for this individual. If I need to spell that out in the edits that is not clear. Rudydino (talk) 23:37, 3 August 2022 (UTC)
Erroneous Page
edit@grorp According to the wikipedia rules, Moose Scheib should not be granted a wiki-page as his only claim to fame if you can even call it that, is the loan modification company he created which in itself is not particularly significant. Most of what he has posted here is not accurate and not backed up by anything. I have no idea how to report this page for review. Rudydino (talk) 19:57, 31 October 2022 (UTC)