Thursday, July 28, 2016

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

(Source: Law360) New York (July 27, 2016, 6:34 PM ET) -- Luca International Group LLC agreed Tuesday to a $68 million judgment 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.