A Wall Street trustee group wants to kill a new $40 million investment fund that refuses to invest in the companies who import risky H-1B visa workers to take jobs from trustworthy American professionals.
“They’re shutting down the fund,” James Fishback, founder of the Azoria investment fund, told Breitbart News. He continued:
There is no exit strategy. They’re not letting us transfer the assets to another entity. This is a death penalty, a debanking.
First they came for President Trump’s [bank] accounts, then they came for the accounts of his family members and close friends, and now they’re coming for the investment firms … that say that they do not want to invest in companies that fund the great replacement of American workers.
Fishback has asked Paul Atkins, the chairman of the U.S. Securities and Exchange Commission, to stop the delisting process pending an investigation of the trustee group’s intention.
The Wall Street pushback comes amid growing evidence that C-Suite executives divert Americans’ jobs to Indian H-1B workers because stock investors assume the mixed-skill, indentured visa workers will raise profits and boost stock values, regardless of their vast damage to productivity, security, and quality.
“If you’re outsourcing all of your [Information Technology] to a third-party [run by Indians], Wall Street interprets it as cost savings,” said Nate Sass, a Wisconsin-based technology veteran who was replaced by an Indian team in February 2025. He told Breitbart News:
The stock price goes up, but he fact of the matter is, there are no actual cost savings because what comes out of India is of such poor quality that on the best day, it takes twice as long and just as much money to execute a project that way as it would with domestic American labor. But because of the way that they can bookkeep things, [the extra expense and quality damage] is all hidden.
Top executives support the counterproductive outsourcing strategy because it helps them extract value from the shareholders, Sass said:
The reason that executives and the C-level do that is that they’re all compensated by stock, compensated in cash. Their only incentive in every quarter is to make the stock go up. Right now, they will do anything and everything they can to make Wall Street happy, no matter how bad the decision is in the long run, as long as it’s good for the next three months.
Breitbart News has extensively covered companies’ use of the allegedly nepotistic, fraud-ridden, criminal, discriminatory, incompetent, costly, and counterproductive H-1B program.
The huge inflow of foreign graduates into white-collar careers is also wrecking American-style professionalism, corporate innovation, citizens’ privacy, regulatory enforcement, and the federal government’s alleged national security priorities. Increasingly, American professionals are speaking up — and are using their hard-earned familiarity with the visa worker system to expose the mass replacement of American graduates,
For example, executives transferred Sass’s job to a supposedly cheaper Indian outsourcing team even though he quickly built an award-winning “Accounts Receivable” software program for his employer:
I designed it from the ground up, a clean sheet of paper. The entire AR process went live inside of a year, on budget, … It supports the payment processes today. It transacts a billion and a half dollars in premiums a month. There have been zero critical issues … [and the maintenance cost is] $30,000 to $40,000 a year.
[If outsourced Indian teams were] writing this program, not only is it “crap on time” and way overpriced, it is just generally not worth a red cent [and] every time that it [fails], pardon my French, you would have now deal with all the customers that you screwed out of [monthly subscription] money to make them whole.
Breitbart asked Fishback to explain his $40 million investment fund:
So in July, my investment firm Azoria, launched what is called the Azoria meritocracy [Exchange Traded Fund] ETF. We launched that in July, and the premise to that fund was we would only invest in companies that are committed to meritocracy. So we would exclude 38 companies that had explicit DEI racial quotas [such as] Starbucks, Intel, Airbnb, Nike, among others …
Then on October 6, we wrote [to] our [trustee] board [at Tidal Trust III] and asked them to approve our change to exclude companies that replace American workers with foreign H1Bs from India and China.
The Tidal Trust III board serves as a government-approved trustee for many funds in the chaotic stock market. The purpose is to provide small investors wth some protection against shady stock-sellers.
Fishback described the October 15 response:
They didn’t just say no, as in “We are not going to let you update your fund to exclude the H-1B abuse.” [They said] “We are going to shut down your fund altogether. So the $40 million of assets, the tens of thousands of investors that you have in your fund, they are going to be liquidated, and your fund is going to be delisted in mid December,” and they filed that with the SEC, the Securities and Exchange Commission yesterday.
“The Chief Operating Officer and president [of Tidal], Eric Falkeis …. said this [opposition to H1Bs] was unethical,” Fishback said.
Fishback continued:
This morning, I asked SEC Chairman Paul Atkins to step in to immediately halt the delisting of our fund pending an investigation into this board for violating their fiduciary responsibility to our shareholders. They have that’s the only job they have …Their job is not to make political judgments or ideological retaliation. Their job is to look out for the shareholders.
Reuters reported on October 16: “The [trustee] board said in the filing it made the decision after ‘considering all relevant information, including without limitation recent litigation involving a principal of’ Azoria, wording that analysts said is highly unusual.”
Fishback said he has asked staffers working for Treasury Secretary Scott Bessent to intervene: “Bessent doesn’t have statutory authority here [but] folks in the administration have a bully pulpit … They can decide to halt this liquidation.”
His stance against corporate reliance on H-1Bs matches the pro-automation policy pushed by Trump and JD Vance, Fishback said.
“We’re going to need robots … to make our economy run because we do not have enough people,” he told Breitbart News in September, adding:
We don’t enough people to do it. So we have to get efficient … we’ll probably add to [the existing workforce] through robotically—it’s going to be robotically … It’s going to be big. Then, somebody is going to have to make the robots. The whole thing, it feeds on itself … we’re going to streamline things. We need efficiency.
The promise of cheap labor is ”a drug that too many American firms got addicted to … [and] globalization’s hunger for cheap labor is a problem precisely because it’s been bad for innovation,” Vance told an audience of investors in March.
Trump and his deputies are showcasing the huge scale of visa migration and the strategic alternative of greater productivity. On September 19, for example, Trump signed a proclamation saying:
Some employers, using practices now widely adopted by entire sectors, have abused the H-1B statute and its regulations to artificially suppress wages, resulting in a disadvantageous labor market for American citizens … with the largest impact seen in critical science, technology, engineering, and math (STEM) fields.
The number of foreign STEM workers in the United States has more than doubled between 2000 and 2019, increasing from 1.2 million to almost 2.5 million, while overall STEM employment has only increased 44.5 percent during that time. Among computer and math occupations, the foreign share of the workforce grew from 17.7 percent in 2000 to 26.1 percent in 2019. And the key facilitator for this influx of foreign STEM labor has been the abuse of the H-1B visa.
“Abuses of the H-1B program present a national security threat by discouraging Americans from pursuing careers in science and technology, risking American leadership in these fields,” the proclamation said.
Trump also imposed a $100,000 fee on some H-1B arrivals.
“President Trump promised to put American workers first, and this commonsense action does just that by discouraging companies from spamming the system and driving down American wages,” White House spokeswoman Taylor Rogers wrote in a statement. “Americans have many reasons to celebrate this unprecedented action by President Trump to protect Americans from cheap, foreign labor.”
“Automation makes sense,” Fishback told Breitbart News. “But what’s happening now is … You’ve got 50,000 accounting graduates every single year … [yet] companies like Deloitte and Accenture, who employ entry-level accountants, are using H-1Bs for those roles.”
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