The Securities and Exchange Commission has filed fraud charges and frozen the assets of a Laguna Niguel husband-and-wife team accused of misusing money raised for a cancer treatment center.
Charles C. Liu and Xin “Lisa” Wang raised $27 million from 50 investors in China to build a proton beam radiation therapy center in Southern California, the SEC complaint states.
The couple in promotional materials said the project would create more than 4,500 new jobs across the region and have a substantial impact on the local economy while giving foreign investors an opportunity for future U.S. residency, the SEC stated.
The couple’s proton center project was conceived using the EB-5 program, in which immigrants can get a green card for themselves and their families if they invest at least $1 million and create 10 or more jobs – or at least $500,000 if the project is in a high-unemployment area.
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