Citing Liu, 9th Circ. Nixes SEC's $15.5M Win In EB-5 Case

By Dean Seal (August 6, 2020, 10:01 PM EDT) -- The Ninth Circuit handed down an order Thursday reversing and remanding a $15.5 million judgment in an SEC enforcement action over an alleged EB-5 visa scam, citing this summer's high court ruling on the agency's disgorgement powers.

The appellate panel asked a California federal judge to take another look at the judgment delivered in early 2019 against geriatrician Robert Yang, his office manager, Claudia Kano, and three businesses he owned, saying the lower court didn't explain why it imposed the $6 million penalties against Yang and Kano for allegedly duping foreign investors.

The order also noted that the U.S. Supreme Court's...

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