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Disgorgement Back at High Court After 2017 Penalty Ruling

Nov. 1, 2019, 6:18 PM

The U.S. Supreme Court agreed to consider whether the SEC can still pursue disgorgement as an equitable remedy after a 2017 ruling designating it a penalty for statute of limitations purposes.

The duo behind a regional immigrant investor center asked the Supreme Court to take up their case after a lower court ordered them to pay the Securities and Exchange Commission disgorgement of around $26.7 million. The court granted their petition Nov. 1 after relisting the case once.

The SEC sued Charles Liu and Xin “Lisa” Wang in 2016 for allegedly defrauding immigrant investors who participated in the EB-5 program...

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