SEC Pushes For Full $26.9M Repatriation In EB-5 Case

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Law360, New York (September 21, 2016, 5:45 PM EDT) — The U.S. Securities and Exchange Commission urged a California federal court Tuesday to order two businesspeople to repatriate $26.97 million raised in a deal involving an EB-5 immigrant investor program for a cancer treatment center that never got built.

The SEC requested the judicial order in the agency’s fraud suit against Charles C. Liu and Xin Wang for repatriation of the funds, saying the pair should repay the full $26.97 million they raised from Chinese investors despite their claims that they can’t possibly come up with…

Source: Law360