- August 22, 2019 | 5 min read
Oil & gas exec, accused of running EB-5 “Ponzi” scheme, to pay $527,000 to SEC
- Posted on October 25, 2019 | Updated on December 11, 2019 | 5 min read
An official for San Francisco company Luca International Group has agreed to pay over half a million to the SEC after accusations of defrauding Chinese EB-5 green card investors in a $68 million “Ponzi-like” scheme. Since 2007, the investments, which were unregistered securities, were used to pay older investors in a failing operation. The investors were promised an incredible 20-30% return.