Supreme Court declines disgorgement challenge by EB-5 fraudsters 

May 25th, 2023

The U.S. Supreme Court has declined to hear a case involving the SEC and a couple, Charles C. Liu and Xin Wang, ordered to repay $21 million for their role in an EB-5 visa fraud. 50 Chinese investors provided capital for a cancer-treatment center that was never built. Liu and Wang wanted the Supreme Court to reduce the disgorgement number to account for equipment purchases. In 2017, a judge stated that Liu “burned through millions” of investor capital and left the project after payments to himself, Wang, and marketers.

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