The U.S. Supreme Court agreed to consider stripping the Securities and Exchange Commission of its power to recoup illegal profits from wrongdoers.
The U.S. Supreme Court agreed to consider stripping the Securities and Exchange Commission of its power to recoup illegal profits from wrongdoers, taking up a challenge to one of the agency’s most potent legal weapons.
Liu and Wang were found to have defrauded people seeking to take advantage of the EB-5 visa program for foreigners who make large investments in the U.S. The two were accused of falsely telling investors the money would be used for a cancer treatment center. A federal judge ordered the couple to return $27 million they had collected.Advertisement
The 2002 Sarbanes-Oxley Act says judges hearing SEC enforcement actions can award “any equitable relief” they deem appropriate for the protection of investors.
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