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Notable litigation filed during March 2023 includes: (1) SEC v. Woodard; (2) SEC v. Kaplan; (3) James Bay Resources Limited, et al. v. Lockett & Horwitz, et al.; (4) Miklos v. McNamara, et al.; and (5) Scura, et al. v. Heppner, et al.

SEC v. Woodard, Civ. No. 1:23-cv-00112 (D.

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Notable litigation filed during January 2023 includes: (1) SEC v. Engel; (2) Firestone, et al. v. Residential Properties Resources Fund II, LLC, et al.; (3) Ellusionist Cash Balance Plan and Trust, et al. v. Spiegel Accountancy Corp., et al.; and (4) SEC v. Ellison-Meade.

SEC v. Engel, Civ. No. 2:23-cv-00213-PA-JPR

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Securities and Exchange Commission v. Lam, et al. was filed in the United States District Court for the Central District of California on September 22, 2022, claiming Defendants Brian Lam (“Lam”), Nathan Nguyen (“Nguyen”), NineSquare Capital Partners LLC (“NineSquare Capital”), and Nguyen Group LLC (“NGL”) (collectively, “Defendants”) violated several provisions of the Securities Act and Securities Exchange Act. Specifically, the SEC seeks permanent injunctive relief against all Defendants to prevent future violations of the federal securities laws, permanent injunctions prohibiting Defendants Lam and Nguyen from participating in an unregistered securities offering, disgorgement with prejudgment interest from Defendants and Relief Defendants Yi Ping Lu and Thy Stacy Nguyen (the “Relief Defendants”), and civil penalties against Defendants.

The SEC filed this action against Defendants for operating an offering fraud that targeted the Vietnamese-American community, which raised $11.7 million from 73 investors nationwide from March 2020 to January 2022. Defendant Lam orchestrated the fraud through his company NineSquare, a Delaware limited partnership which purported to be a hedge fund. Defendant Nguyen is the principal of NGL, a company that helped solicit investors in NineSquare. The two Relief Defendants, Yi Ping Lu, Lam’s wife, and Thy Stacy Nguyen, Nguyen’s wife, purportedly used proceeds from the fraud to pay for luxury homes purchased in their names.…

Continue Reading New Complaint – Securities and Exchange Commission v. Lam, et al.

SEC v. JMJ Capital Group and Richard Lee Ramirez is a Securities Exchange Commission (“SEC”) enforcement action filed in the United States District Court for the Southern District of California on September 30, 2022.  JMJ Capital Group (“JMJ”) is a California corporation and Richard Lee Ramirez (“Ramirez”) is the owner and sole operator of JMJ…

On August 31, 2022, Plaintiff Melanie E. Damian, in her capacity as the Court-Appointed Receiver for Today’s Growth Consultant, Inc. d/b/a The Income Store (“TGC”) (the “Receiver”) filed a complaint against Defendant Core Financial Outsourcing of Chicago (“Core Financial”) in the Northern District of Illinois (“Damian II”) seeking damages, injunctive relief, interest, and attorneys’ fees and costs. The complaint alleges five claims for professional negligence, aiding and abetting breach of fiduciary duty, unjust enrichment, and two violations of the Illinois Uniform Fraudulent Transfer Act.

This action stems from a prior enforcement action seeking civil penalties and injunctive relief filed by the Securities and Exchange Commission (“SEC”) against TGC and its founder, Kenneth D. Courtright, III (“Courtright”), based upon TGC and Courtright’s alleged violation of federal securities laws and operation of a website services Ponzi scheme.

We previously wrote about PLB Investments LLC et al v. Heartland Bank and Trust Co. et al., a related case initiated by various defrauded investors of TGC against two bank defendants that …
Continue Reading New Complaint – Damian as Receiver of Today’s Growth Consultant, Inc. v. Core Financial Outsourcing of Chicago, LLC