Sean Song

Latest Articles

Action against Defendants, two individuals and two movie companies under their control, for allegedly defrauding two investors in a forthcoming film.  According to the SEC, Defendants made multiple misrepresentations to the investors, falsified relevant documents that were sent to the investors, and misappropriated investor funds. SEC Complaint SEC Litigation Release
Action against Respondent, a former trader, for alleged spoofing.  According to the CFTC, Respondent placed orders for futures contracts with the intent to cancel the orders before execution in order to manipulate prices.  The CFTC has reserved decision on monetary sanctions pending Respondent’s fulfillment of a cooperation agreement with the CFTC. CFTC Order CFTC Press Release
The U.S. District Court for the Western District of North Carolina entered a supplemental consent order against Defendants, an individual and his precious metals company, for alleged fraudulent solicitation of customers for precious metals transactions, misappropriation of customer funds, and false statements about purported transactions.  The Court’s supplemental order requires Defendants to pay, jointly and severally, a civil penalty of $15,761,432.  The supplemental consent order followed the Court’s consent order of permanent injunction and its…
Action against Defendant, a former employee of a biotechnology company, for alleged insider trading.  According to the SEC, Respondent traded while in possession of material nonpublic information regarding the FDA’s recommendation that the company withdraw some of its products from FDA consideration.  Defendant has agreed to pay disgorgement of $70,827, prejudgment interest of $6,247, and a civil penalty of $70,827. SEC Complaint SEC Litigation Release
Action against Defendants, a transfer agent, a broker-dealer, and its principals, for alleged creation and sale of sham companies.  According to the SEC, Defendants broker-dealer and transfer agents manufactured numerous fake public companies which they then sold.  The SEC further alleges that two Defendant principals signed and submitted FINRA and DTC applications that contained false information, and the third Defendant principal failed to acquire sufficient knowledge about the companies and investigate areas of concern raised…
Action against Defendants, four individuals and their four companies, for alleged microcap fraud and unregistered offerings.  According to the SEC, Defendants used fake promissory notes to obtain unregistered shares of microcap issuers and sold the shares to the public.  The SEC further alleges that one Defendant company bought a fake promissory note from another Defendant company and, in a fraudulent settlement agreement approved by a state court, agreed to retire the debt in exchange for…
Action against Defendants, a husband, wife, and their futures trading company, for alleged misappropriation and fraud.  According to the CFTC, Defendants solicited investor funds based on misrepresentations about the amount of money they managed, prior investment success, the structure of trading fees, and Defendant husband’s prior fraud conviction.  The CFTC also alleges that Defendants misappropriated investor funds for personal expenses.  The court entered a default judgment requiring Defendants to pay, jointly and severally, restitution of…
Action against Defendants, an online gambling company and its founder, for alleged offering fraud.  According to the SEC, Defendant founder lied to investors about his background, his personal investment in Defendant company, Defendant company’s investment prospects, and the amount of funds raised.  The SEC further alleges that Defendant founder misused invested funds for personal expenses and gambling.  Defendant founder has been charged in a parallel criminal action in the Southern District of New York. SEC
The U.S. District Court for the District of Connecticut entered a final judgment and consent order against Defendant, a former precious metals trader, for alleged spoofing.  According to the CFTC, Defendant placed futures orders with the intent to cancel the orders before execution in order to manipulate prices.  Defendant has agreed to pay a civil penalty of $100,000 and post-judgment interest. Judgment CFTC Press Release Previous Coverage