Judge Lets Core Claims Proceed in Wells Fargo Immigration Atty’s Suit After Major Trimming
America ı By Rihem Akkouche
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A Nevada federal judge has pared down an immigration attorney’s sweeping lawsuit accusing a Wells Fargo unit of disastrous investment advice, but left two pivotal claims standing — a decision that keeps the heart of the case beating and intensifies scrutiny on the bank’s role in a tangled EB-5 financing saga.
Chief U.S. District Judge Andrew P. Gordon ruled Dec. 3 that fraudulent misrepresentation and negligent misrepresentation claims filed by attorney and real estate developer Lixin Azarmehr can proceed. The judge found she plausibly alleged that she relied on Wells Fargo’s promise not to give advice that would heighten her legal exposure — a promise she says ultimately led straight to an SEC investigation and enforcement action.
The ruling slices away five other claims, dramatically narrowing the battlefield but leaving Wells Fargo to face accusations at the core of the dispute.
EB-5 Investment Web at the Center of the Case
Azarmehr — along with her associated entities Nevada Skilled Nursing Lender LLC and Nevada Skilled Nursing Development LLC — contends that misguidance by Wells Fargo Clearing Services LLC, known as Wells Fargo Advisors, and a former employee triggered the SEC’s action against her.
The Nevada Project and Its Foreign Investor Pipeline
According to the lawsuit, the two NSN entities were formed in 2015 to build three skilled nursing facilities in Las Vegas — collectively called the Nevada Project. Funding relied heavily on foreign investors participating in the EB-5 program, which grants U.S. green cards to qualifying investors who create or preserve at least 10 American jobs.
Azarmehr says the project raised $14 million from 28 foreign investors, alongside $16 million from JL Real Estate Development Corp. and financier Jia Long.
SEC Investigation and Wells Fargo’s Former Adviser
The plaintiffs learned of an SEC investigation in February 2022, according to court filings. By June 2024, Azarmehr says she discovered that the Wells Fargo adviser who guided her had actually been terminated in 2019 and referred to FINRA for investigation — a revelation she argues is central to Wells Fargo’s liability.
In April 2024, the SEC filed an enforcement action accusing Azarmehr and her entities of running a four-year fraudulent scheme, diverting investor funds intended for the Nevada Project to unrelated ventures tied to JL Red.
Wells Fargo Says She Should Have Known Better
Wells Fargo moved to dismiss the lawsuit in April, arguing that Azarmehr — as an immigration attorney specializing in EB-5 projects, a real estate developer, and co-founder/CEO of JL Red — should have recognized the legal risks of transferring EB-5 funds into a brokerage account and using it as loan collateral.
The bank called her reliance on the former adviser’s statements “implausible,” stressing the adviser wasn’t a lawyer and could not provide legal assurances on EB-5 fund transfers.
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