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SEC Says Couple Can’t Escape Claims Of $22.5M EB-5 Fraud

Law360 (March 7, 2018, 4:28 PM EST) -- The U.S. Securities and Exchange Commission urged a California federal court Tuesday not to dismiss its suit against a husband and wife team it claims fraudulently raised $22.5 million from Chinese investors looking to obtain green cards through the federal EB-5 visa program.

In an opposition brief, the SEC pressed California’s Central District to reject Edward Chen’s argument that because investors really wanted to get green cards out of the deal rather than see a financial return on their investments they were not actually acquiring securities,...
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