Calif. Developer Settles SEC's EB-5 Fraud Claims For $4.1M
Law360 (February 13, 2020, 3:38 PM EST) -- The U.S. Securities and Exchange Commission reached a $4.1 million settlement with a California real estate developer accused of defrauding mostly Chinese investors seeking EB-5 visas.
The agency told a California federal judge Wednesday that Robert A. Ferrante, a partner in PDC Capital Group LLC, will disgorge nearly $3.8 million and pay a $369,000 fine to resolve allegations that he participated in the misappropriation of $9.5 million supplied by EB-5 investors who thought their money was being used for various development projects.
The settlement includes no admission of wrongdoing from Ferrante, but does bar him from ever participating in a securities...
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