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

EB-5 News

Date

Apr 30th, 2021

Category

Fraud

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Jason Buback

Editor of Green Card By Investment

Green Card By Investment

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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.”Law360 article (subscription required)

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