Defendants In SEC's Landmark Liu Case Must Repay $21M

By Sarah Jarvis (June 8, 2021, 10:28 PM EDT) -- A California federal court has granted a request by the U.S. Securities and Exchange Commission to order the core defendants of an alleged EB-5 visa fraud case to pay back close to $21 million, rejecting the defendants' argument that the agency showed they had no net profit.

U.S. District Judge Cormac J. Carney said in Monday's order that Charles Liu and Xin Wang must disgorge more than $20.8 million and that they can be held jointly and severally liable for that amount, granting a request that the SEC made in April.

The U.S. Supreme Court remanded the issue of distinguishing between misappropriated...

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!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!