Per Law360(a legal publication and online legal news), The U.S. Securities and Exchange Commission has urged the Central District of California to rule against a husband and wife facing allegations that they misappropriated the bulk of $26.9 million raised in an EB-5 immigrant investor program, as the couple purportedly have not followed through on their promises as part of a possible settlement.

Because Charles Liu and Xin Wang failed to keep their promise to the SEC that they would transfer $26.9 million into the bank account of their attorneys by March 17 as part of a potential settlement of the case, the court should enter summary judgment against them, according to a status report filed Monday by the SEC, which is seeking that they pay a $65.7 million penalty.

The money was supposed to be stashed aside as the SEC worked internally to approve the proposed settlement and as final judgment and amended preliminary injunction filings were made in the court, according to the status report.

“Liu and Wang have ... had their chance to compensate the victims of their fraud,” the status report reads. “But they have not transferred any funds to defense counsel.”

In May of 2016, the SEC accused Liu and Wang of collecting the money from 50 Chinese investors for a cancer treatment center, but failing to use the money for the promised purpose.

Rather, Liu transferred approximately $12.9 million of the investor funds to three marketing firms in China — including one of which he is CEO and chairman — and deposited more than $7 million in his and his wife’s personal accounts, the SEC said. Less than $250,000 remains, the government alleged.