Calif. Doctor To Pay $3.5M To End SEC's EB-5 Fraud Claims
Law360 (April 1, 2021, 10:10 PM EDT) -- A California doctor and his office manager will pay nearly $3.5 million and about $216,000, respectively, to end U.S. Securities and Exchange Commission claims that they fraudulently raised about $20 million from would-be EB-5 immigrant investors with representations that they planned to develop nursing homes, a federal judge in California has determined.
In a Tuesday order, U.S. District Judge Stephen V. Wilson determined that Dr. Robert Yang must pay just over $1.4 million in disgorgement, about $166,000 in prejudgment interest and an over $1.9 million civil penalty. Meanwhile, Yang's office manager Claudia Kano must pay disgorgement of about $102,000, prejudgment interest...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!