(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.
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.
