SEC Snags $68M Judgment Over EB-5 Investor Scam

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Law360, New York (July 27, 2016, 6:34 PM ET) — Luca International Group LLC agreed Tuesday to a $68 million judgment Tuesday to end a U.S. Securities and Exchange Commission suit accusing the company and its CEO of running a $68 million “Ponzi-like” scheme that targeted Chinese-Americans and Chinese nationals seeking green cards as EB-5 investors.

Under the judgment entered in a California court Luca and eight associated corporations will pay $68.3 million to end the suit against them, CEO Bingquing Yang and company Vice President Lei Lei.

The SEC launched its suit in July 2015, claiming…

Source: Law360