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 ...