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

Law360 (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...

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