SEC Settles Fraud Claims With Developers Over EB-5 Offering
Law360 (December 12, 2018, 10:37 PM EST) -- Three Texas developers must pay over $51 million to settle securities fraud charges that they duped 90 Chinese investors into funding what they believed was a real estate project that would allow them to obtain permanent residency in the United States, the U.S. Securities and Exchange Commission announced Wednesday.
America Modern Green Senior LLC, America Modern Green Community LLC and America Modern Green Residential LLC — all of which are owned by the Beijing-based Modern Land (China) Co. Ltd. — agreed to pay disgorgement of $49.5 million, plus $1,144,135 in interest and an $800,000 penalty, without admitting or denying the claims,...
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