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SEC wins early victory against Quiros

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copyright the Chronicle November 23, 2016

by Joseph Gresser


In a ruling issued Monday, U.S. District Judge Darrin Gayles gave the Securities and Exchange Commission (SEC) an early victory in its suit against Ariel Quiros. The federal agency was granted its request for a preliminary injunction to keep things as they have been since it went to court in April and charged Mr. Quiros with securities fraud.

The judge’s ruling maintains the status quo until the underlying issues in the civil suit are resolved at trial. That means Mr. Quiros’ property remains under the control of Michael Goldberg, the court-appointed receiver, and Mr. Quiros is barred from any kind of involvement in businesses connected with the federal EB-5 visa program.

When the case comes to trial, Mr. Quiros faces the prospect of being forced to disgorge as much as $200-million in money the government said was improperly used. Mr. Quiros has also been charged with taking more than $50-million for his personal use.

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