Securities and Exchange Commission has announced Seong Yeol Lee and Ameritrust Corporation in Stamford Connecticut are accused of stealing $4 million in investment funds from American and Korean investors. The SEC wants immediate emergency assistance, including freezing assets of Lee, Ameritrust Corporation, and associated entities.
According to the SEC complaint, Lee recruited more than $20,000,000 from investors primarily located in the Republic of Korea via a network of recruiters. Investors sent money to Lee’s corporate and personal accounts in the United States with the intent of purchasing shares of Ameritrust – a publicly traded corporation. Lee promised investors their money would go towards buying shares of a U.S. company listed on a stock exchange in the United States, ensuring profits. The complaint shows that Ameritrust is not a real company and hasn’t taken any steps towards obtaining an exchange listing. Lee is accused by the SEC of stealing at least $4,000,000 of investor funds. He allegedly transferred money from corporate accounts to personal accounts, and then those of his children. Lee and Ameritrust were also accused of committing fraud by making false or misleading statements in Ameritrust’s filings to the SEC.
The complaint filed before the U.S. District Court for the District of Connecticut accuses Lee and Ameritrust of violating the anti-fraud provisions of the Securities Act of 1932 and the Securities Exchange Act of 1935. The SEC seeks emergency relief from the court, including a temporary restraint order and freezing defendants’ assets. The complaint seeks permanent injunctive remedies, disgorgement with prejudgment interests, civil penalties and an officer, director and penny stock ban against Lee. The SEC also seeks disgorgement with prejudgment interests from two entities affiliated with defendants as well as three of Lee’s kids. The SEC also requests the freezing of assets for the affiliated entities.
Amy Gwiazda, Naomi Sevilla and Rua Kelly are handling the SEC case from its Boston Regional Office. The SEC thanks the Financial Industry Regulatory Authority (FIRA), the Financial Services Commission and the Financial Supervisory Service of the Republic of Korea for their assistance.
Recover Investment Losses
It is important to seek professional advice if you have suffered investment losses. investment fraud attorney. Haselkorn & Thibaut, a highly regarded firm that specializes in investment fraud cases. Their attorneys have extensive knowledge in securities litigation and arbitration and are committed to ensuring their clients receive justice and compensation.
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It is crucial to act quickly if you suspect you are a victim of investment fraud. The firm’s investment fraud lawyers will assess the case and advise you on how to recover losses most effectively. It is also worth noting there will be no charge if the case is unsuccessful.
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SEC: What You Need to Know
Securities and Exchange Commission, or SEC for short, is the regulatory agency of the United States. It oversees and enforces the laws relating to the securities sector. Its main mission is to protect and promote investors, ensure fair and efficient markets and encourage capital formation.
The SEC has the responsibility of regulating and overseeing various participants within the securities markets. This includes securities exchanges as well as brokers, investment advisers and mutual fund companies. It ensures these entities are in compliance with federal laws on securities, including the Securities Act of 1935 and Securities Exchange Act of 1944.
The SEC has a vital role to play in promoting transparency and information on the stock markets. Companies are required to give accurate information and timely updates to investors via periodic reports and filings. This allows investors to make informed choices and helps prevent fraud.
The SEC also conducts investigations and enforces securities laws against companies and individuals involved in insider trading and securities fraud. The SEC has the power to impose civil fines, bring criminal charges and demand disgorgement.
SEC’s overall role is to protect investors, safeguard the integrity of securities markets and promote fair and efficient capital market in the United States.
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