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Apr 20th, 2023

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EB-5 fraudsters want Supreme Court to recalculate disgorgement sum; SEC disagrees

Charles Liu and Xin Wang were ordered in 2021 to disgorge $21 million of the $26 million they raised to ostensibly build a cancer-treatment center in Southern California. The pair misdirected EB-5 capital into personal funds and separate companies. Liu and Wang say that the disgorgement amount should not include personal salaries that were legitimate expenses; however, the SEC says that the “exorbitant salaries fraudsters pay themselves… are simply profits under another name.”

Law360 article (subscription required)

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