The U.S. Supreme Court will review a case that challenges the SEC's ability to seek disgorgement in district court proceedings.
In 2016, the SEC charged a husband and wife for defrauding Chinese investors by falsely claiming that their investments would support a project that met the requirements of the EB-5 Immigrant Investment Program. The proposed project included funding the development and operation of a cancer treatment center. The SEC alleged that the defendants misappropriated or diverted the funds. The U.S. District Court for the Central District of California granted summary judgment to the SEC, and ordered the couple to disgorge approximately $26.7 million as well as a civil money penalty of over $8 million.
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