Oil & gas exec, accused of running EB-5 “Ponzi” scheme, to pay $527,000 to SEC

Posted by EB5Admin on October 25, 2019

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 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. 

  
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