Attorneys accepting transaction-based compensation
In an SEC Order Instituting Cease-and-Desist Proceedings, California attorney Mark A. Ivener agreed to disgorge transaction-based compensation that he had received in connection with referring clients to an EB-5 Regional Center. Interesting to me, the Order provides that “[w]hile some of Respondents’ activities overlapped with legal services, for which they earned fees, Respondents earned transaction-based compensation for facilitating the investor’s transactions in EB-5 securities.” I wonder if this would have been any different if their entire fees were based on a percentage of the size of the deal? The Order notes that the law firm received fees for their legal services separately from the transaction-based compensation.