SEC wants EB-5 fraudster Liu to pay back almost $21 million in disgorgement

  • Written by GCBI Team Posted on April 29, 2021 | Updated on April 29, 2021 | 1 min read

The Securities and Exchange Commission has asked a California district court to make notorious EB-5 fraudster Charlies Liu and his associate Xin Wang to pay back $21 million of the $26 million they raised for a cancer clinic in Southern California that was never built. The SEC said, “Liu burned through the millions left after payments to himself, Wang and [marketers] on half-hearted attempts to convey the illusion of progress.”

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