The U.S. Supreme Court on Friday agreed to hear a challenge to the ability of th...
WASHINGTON - The U.S. Supreme Court on Friday agreed to hear a challenge to the ability of the Securities and Exchange Commission to recover ill-gotten profits obtained through misconduct in a case from California that could weaken the agency’s enforcement power.
The nine justices agreed to hear an appeal by California couple Charles Liu and Xin Wang contesting a 2016 civil action brought against them by the SEC. The SEC won a court ruling in 2017 requiring Liu and Wang to disgorge almost $27 million, the same amount they raised from foreign investors to build a never-completed cancer treatment center.
Under the federal EB-5 visa program, wealthy foreigners can in effect buy U.S. immigration visas for themselves and families by investing at least $500,000 in certain development projects. Liu and Wang transferred millions of dollars to their personal accounts and the center was never built, the U.S. government said.
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