Doctor Asks Calif. Court To Slash 'Flawed' $15M SEC Fine

Law360 (October 27, 2020, 9:29 PM EDT) -- A geriatrician embroiled in a yearslong tussle with the U.S. Securities and Exchange Commission over an alleged EB-5 investment scheme has asked a California federal court to slash the $15 million in penalties the agency is seeking, claiming the amount is both improperly calculated and implausible based on the defendants' inability to pay.

Dr. Robert Yang admitted in court filings Monday that he and his co-defendant and office manager owe money and "acknowledge the serious investor harm" they caused, but said the agency erred in its calculations by a long shot.

"While monetary remedies are appropriate, the SEC's request departs by a...

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