On July 26, 2024, Seiden Law LLP Managing Partner Robert Seiden was appointed by the Honorable Judge Pamela K. Chen as the Distribution Administrator of the settlement funds in the matter of Security and Exchange Commission v. Richard Xia et al., No. 21-cv-05350. The complaint, filed in 2021 by the Securities and Exchange Commission (“SEC”), alleges that “Defendants fraudulently raised more than $229 million by offering and selling limited partnership interests to more than 450 investors” who participated in the EB-5 Immigrant Investor Program.  Pursuant to the final judgment, Defendants are jointly and severally liable for disgorgement of $228,500,000 as a result of their fraudulent conduct alleged in the Amended Complaint with $25 million in prejudgment interests: Defendant Fleet New York Metropolitan Center is liable for a civil penalty in the amount of $15,538,635, and Defendant Richard Xia is liable for a civil penalty in the amount of $3,101,745.  The SEC recommended Mr. Seiden, an experienced court-appointed fiduciary and former prosecutor, to the Court for this important position. Pursuant to the Court’s order, the Administrator will craft and propose to the SEC and the Court a robust distribution plan for the disposition of these funds to the victims of the fraud.

More about the case can be read about on the SEC website by clicking here.