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Apr 9, 2018

SEC | Securities and Exchange Commission v. Benjamin Wey, et al., Civil Action No. 15-cv-07116-PKC (S.D.N.Y. filed Sept. 10, 2015) on April 9, 2018.

sec.gov

Benjamin Wey, et al. (Release No. LR-24105; Apr. 9, 2018)


Litigation Release No. 24105 / April 9, 2018

Securities and Exchange Commission v. Benjamin Wey, et al., Civil Action No. 15-cv-07116-PKC (S.D.N.Y. filed Sept. 10, 2015)

On September 1, 2017, the Securities and Exchange Commission voluntarily dismissed its claims against defendants Benjamin Wey, New York Global Group, Michaela Wey, Robert Newman, and William Uchimoto. In bringing charges against these defendants, the SEC had relied on evidence that was later suppressed in a parallel criminal proceeding and determined that its ability to rely on the suppressed evidence may also be affected. On September 1, 2017 and October 27, 2017, the SEC voluntarily dismissed its claims against relief defendants Advantage Consultants, Ltd., York Capital Management, Ltd., Four Tong Investments, Ltd., Strong Growth Capital, Ltd., Median Assets Investments, Ltd., and Han Hua, Ltd., as those entities had been dissolved. On March 8, 2018, the SEC voluntarily dismissed its claims against Tianyi Wei. The SEC's litigation against Seref Dogan Erbek is continuing. The SEC's complaint alleges violations or the aiding and abetting of violations of the antifraud provisions and the disclosure and reporting provisions of the federal securities laws.