EB-5 Scheme Fundraiser To Pay $527K In SEC Deal

Law360 (October 11, 2019, 3:08 PM EDT) -- An oil and gas official accused of fundraising for a visa fraud scheme that targeted Chinese citizens interested in obtaining an EB-5 investor visa will pay $527,000 under an agreement with the U.S. Securities and Exchange Commission.

Lei "Lily" Lei, vice president of business development for San Francisco-area oil and gas company Luca International Group, allegedly duped Chinese citizens interested in obtaining an EB-5 investor visa into investing in the struggling company.

She agreed to disgorge $484,000 plus interest and pay a $35,000 penalty, in a deal with the SEC that was approved Thursday by a California federal court. She is also...

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