Couple Fights SEC's $65M Penalty Bid In EB-5 Fraud Row

Law360, New York (February 16, 2017, 4:13 PM EST) -- A husband and wife facing allegations that they misappropriated the bulk of $26.9 million raised in an EB-5 immigrant investor program urged a California federal court on Wednesday not to listen to the U.S. Securities and Exchange Commission's recommendation that they be ordered to pay an "excessive" $65.7 million penalty.

Charles Liu and Xin Wang say that the SEC is simply asking for too much in disgorgement, penalties and interest should the court ultimately rule in its favor over the outcome of the money purportedly raised from foreign investors for a cancer treatment center, according to their memorandum.

Rather, the couple...

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