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SEC to Get $21 Million in Disgorgement After Case’s SCOTUS Trip

June 9, 2021, 5:43 PM

A California couple who swindled immigrant investors and later took their fight with the SEC all the way to the Supreme Court must pay the agency nearly $21 million in disgorgement, a federal court in the state said.

There’s “no question” Charles C. Liu and Xin Wang “committed securities fraud” after Liu funneled funds invested through the EB-5 immigrant investor program to the couple for their own use, the U.S. District Court for the Central District of California said. They’re jointly and severally liable for disgorging more than $20.87 million in net profits, the court said.

The couple’s case ...

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