Court Enters Final Judgment in Case Against Immigration Lawyer, Steve Qi and His Law Firm
On November 5, 2018, a U.S. District Court for the Central District of California entered a final judgment on consent against immigration attorney, Steve Qi, and his law firm who were charged with violations in connection with the EB-5 Immigrant Investor Program.
The SEC’s complaint, filed December 8, 2017, alleged that Steve Qi and his law firm acted as unregistered brokers in connection with sales of EB-5 investments and defrauded their investor clients by not fully disclosing their receipt of transaction-based compensation. After the Court denied Defendants’ motion to dismiss the complaint, the parties engaged in Court-ordered mediation that resulted in resolution of the case by consent.
The final judgment imposes permanent injunctions against Steve Qi from violating Section 17(a)(2) of the Securities Act of 1933 and Section 15(a) of the Securities Exchange Act of 1934. The final judgment also orders disgorgement of $1,317,248, representing profits gained as a result of the conduct alleged in the Complaint, together with prejudgment interest, the amount of $180,835, and a civil penalty in the amount of $160,000.
Separately, Steve Qi agreed to the entry of an order permanently suspending him from appearing and practicing before the SEC as an attorney. The order prohibits Steve Qi from representing clients in SEC matters, including investigations, litigation, or examinations, and from advising clients about SEC filing obligations or content.
This securities law blog post is provided as a general informational service to clients and friends of Hamilton & Associates Law Group and should not be construed as, and does not constitute, legal and compliance advice on any specific matter, nor does this message create an attorney-client relationship. Please note that the prior results discussed herein do not guarantee similar outcomes.
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