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...

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