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.
