SEC Orders EB-5 Brokers To Pay $3.2M Over Unlawful Fees
Law360, Miami (March 28, 2016, 9:14 PM EDT) -- An administrative law judge on Friday ordered a Boca Raton, Florida, company and its Hong Kong affiliate to pay almost $3.2 million for a $79 million operation helping foreign investers get residency visas through the Immigrant Investor Program without registering as broker-dealers.
Judge Jason S. Patil ordered Boca Raton-based Ireeco LLC and Hong Kong-based Ireeco Ltd. to pay $3,179,633 in disgorgement, the amount the two companies collected in commissions that were illegal because the companies were not registered as broker-dealers.
The two companies had been charged by the U.S. Securities and Exchange Commission with wrongfully providing 150 people with investments in...
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