Alleged EB-5 Scammer Says Investors Weren't After Cash
Law360, New York (July 13, 2016, 5:20 PM EDT) -- A married couple accused by the U.S. Securities Exchange Commission of scamming Chinese investors out of $27 million with a false promise to build a cancer treatment center through the immigrant investor program asked a California judge Tuesday to throw the case out, arguing they had not committed securities fraud because their investors were seeking visas, not profits.
Charles Liu and Xin "Lisa" Wang argued the express terms of the fund they established guaranteed their investors would lose money, proving the investors were after EB-5 visas, not cash, and that the case is outside of the SEC's jurisdiction. U.S. District Judge Cormac...
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