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CA resident charged with multimillion dollar ponzi scheme

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Washington D.C. — The Securities and Exchange Commission today charged Richmond, California resident Tilila Walker Sumchai with raising approximately $11.8 million from more than 1,000 investors through a fraudulent securities offering targeting members of the Tongan American community across the United States.

According to the SEC’s complaint, from approximately January 2021 through October 2021, Sumchai convinced retail investors to acquire shares of an investment she created called “Tongi Tupe” by falsely claiming that she would use a secret algorithm to generate guaranteed high returns. The complaint alleges that Sumchai first targeted respected Tongan American leaders, who were paid substantial returns on their investments, which convinced many of the leaders to believe that Tongi Tupe was legitimate. Sumchai then organized meetings hosted by these leaders at which Sumchai promoted Tongi Tupe to other members of the Tongan American community. As alleged, Sumchai promised exceedingly high returns, including a $146,000 return in 16 weeks on a $3,000 investment. In reality, the complaint alleges, Tongi Tupe did not generate any returns; instead, Sumchai operated a Ponzi scheme that relied on new investor money to pay earlier investors. Additionally, as alleged in the complaint, Sumchai used investor money for unauthorized and undisclosed purposes, including to pay for casino trips, travel, and shopping.

“As we allege in our complaint, Sumchai sought to enrich herself by exploiting retail investors within the Tongan American community,” said Monique C. Winkler, Director of the SEC’s San Francisco Regional Office. “The SEC will continue to aggressively pursue affinity frauds, which prey on the trust that members of a close-knit community have in each other.”

The SEC’s complaint, filed in U.S. District Court for the Eastern District of California, charges Sumchai with violating the antifraud provisions of the federal securities laws. The SEC seeks permanent injunctions, including a conduct-based injunction, disgorgement with prejudgment interest, a civil penalty, and an officer and director bar.

The SEC’s Office of Investor Education and Advocacy has issued an Investor Alert with tips on how investors can avoid becoming a victim of an affinity fraud.

The SEC’s investigation was conducted by Kashya Shei and Ellen Chen and supervised by Jason H. Lee and David Zhou of the San Francisco Regional Office. The litigation will be led by Sheila O’Callaghan and Ms. Shei.

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Press release by SEC.

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Campaña informativa del FTC contra los timos y fraudes

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LA-Based Media and Entertainment Company Charged with Unregistered Offering of NFTs

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Washington D.C. — The Securities and Exchange Commission this week charged Impact Theory, LLC, a media and entertainment company headquartered in Los Angeles, with conducting an unregistered offering of crypto asset securities in the form of purported non-fungible tokens (NFTs). Impact Theory raised approximately $30 million from hundreds of investors, including investors across the United States, through the offering.

According to the SEC’s order, from October to December 2021, Impact Theory offered and sold three tiers of NFTs, known as Founder’s Keys, which Impact Theory called “Legendary,” “Heroic,” and “Relentless.” The order finds that Impact Theory encouraged potential investors to view the purchase of a Founder’s Key as an investment into the business, stating that investors would profit from their purchases if Impact Theory was successful in its efforts. Among other things, Impact Theory emphasized that it was “trying to build the next Disney,” and, if successful, it would deliver “tremendous value” to Founder’s Key purchasers. The order finds that the NFTs offered and sold to investors were investment contracts and therefore securities. Accordingly, Impact Theory violated the federal securities laws by offering and selling these crypto asset securities to the public in an unregistered offering that was not otherwise exempt from registration.

“Absent a valid exemption, offerings of securities, in whatever form, must be registered,” said Antonia Apps, Director of the SEC’s New York Regional Office. “Without registration, investors of all types are deprived of the protections afforded them by the robust disclosures and other safeguards long provided by our securities laws.”

Without admitting or denying the SEC’s findings, Impact Theory agreed to a cease-and-desist order finding that it violated registration provisions of the Securities Act of 1933 and ordering it to pay a combined total of more than $6.1 million in disgorgement, prejudgment interest, and a civil penalty. The order also establishes a Fair Fund to return monies that injured investors paid to purchase the NFTs. Impact Theory agreed to destroy all Founder’s Keys in its possession or control, publish notice of the order on its websites and social media channels, and eliminate any royalty that Impact Theory might otherwise receive from future secondary market transactions involving the Founder’s Keys.

The SEC’s investigation was conducted by Benjamin Mishkin, Jessica Quinn, and Judith Weinstock of the SEC’s New York Regional Office. Hane L. Kim of the Division of Examinations, Gwen Licardo, Pamela Sawhney, and Mark R. Sylvester of the Enforcement Division’s Crypto Assets and Cyber Unit (CACU) and Carmen Taveras Alam, Ignacio Franceschelli, and Joshua Mallett of the Division of Economic and Risk Analysis provided assistance. The investigation was supervised by Sheldon Pollock, David Hirsch, and Jorge Tenreiro.

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Press release by SEC.

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Former New Jersey Corrections Officer Charged with Crypto Fraud Scheme Targeting Law Enforcement Personnel

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KaratCoin Cryptocurrency

John DeSalvo also charged with fraud in separate investment scheme

Washington D.C. — The Securities and Exchange Commission has charged former New Jersey State Correctional Police Officer John A. DeSalvo with fraudulently raising funds through the unregistered offering of the Blazar Token, a crypto asset security he created but that collapsed in May 2022. The SEC also charged DeSalvo with misappropriating investor funds, much of which he sent to his personal crypto asset wallets and used to pay for a bathroom renovation.

According to the SEC’s complaint, from the Blazar Token’s launch in November 2021 to its eventual collapse, DeSalvo raised at least $620,000 from approximately 220 investors. As the complaint alleges, DeSalvo claimed that the Blazar Token would replace existing state pension systems and falsely told investors that Blazar Token was registered with the SEC; that he had arranged for Blazar Token to be purchased by automatic payroll deduction; and that investors were guaranteed to receive extraordinary returns. Ultimately, DeSalvo misappropriated and misused investor funds. According to the complaint, DeSalvo targeted law enforcement and first responders with his fraudulent schemes.

Additionally, the SEC’s complaint alleges that, in an earlier fraud scheme, beginning in late January 2021, DeSalvo solicited investors, primarily through social media, to participate in an investment venture where he was to invest their funds in stocks, options, and crypto asset securities. The complaint alleges that, within weeks of depositing the $95,000 he raised from 17 investors into his brokerage account, DeSalvo lost about $17,000 of those funds in speculative investments, misappropriated the remaining $78,000, and told investors that the group’s securities had lost all value due to poor market conditions.

“We allege that DeSalvo orchestrated several fraudulent investment schemes that targeted law enforcement personnel and promised astronomical returns, including one involving a crypto asset security that would somehow replace traditional state pension systems. Rather than producing any returns or revolutionary technology, he instead misappropriated and misused investor money,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “What’s particularly offensive about this case is that DeSalvo used his status as a former corrections officer to gain the trust of fellow law enforcement personnel, a number of whom invested their savings with him. I am proud that the SEC is able to deliver some measure of justice to those brave first responders who DeSalvo victimized by holding him accountable for his appalling conduct.”

“Our complaint alleges a brazen affinity fraud that preyed on retail investors’ trust and sense of community,” said David Hirsch, Chief of the Crypto Assets and Cyber Unit in the SEC’s Division of Enforcement. “Too often in crypto, we see promoters perpetrate familiar frauds in shiny new wrappers by making claims that are difficult for investors to independently verify. Registering the offer and sale of securities enables critical oversight and improves disclosures to investors, and we will continue to pursue those who fail to abide by the securities laws’ registration requirements.”

The complaint, filed in the U.S. District Court for the District of New Jersey, charges DeSalvo with violating the antifraud and offering registration provisions of the securities laws. It seeks injunctive relief, disgorgement plus prejudgment interest, and civil penalties.

In a parallel action, the U.S. Attorney’s Office for the District of New Jersey today announced criminal charges against DeSalvo.

The SEC’s investigation was conducted by Brian Higgins and Brian Thomas of the Philadelphia Regional Office and David Snyder of the Crypto Assets and Cyber Unit. It was supervised by Assunta Vivolo, Scott A. Thompson, Nicholas P. Grippo, Jorge G. Tenreiro, and David Hirsch. The SEC’s litigation will be handled by Christopher R. Kelly and supervised by Gregory R. Bockin.

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Press release by SEC.

SEC obtains emergency order against Utah-based company’s crypto asset fraud scheme

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Washington D.C. — The Securities and Exchange Commission has announced that it obtained a temporary asset freeze, restraining order, and other emergency relief against Digital Licensing Inc., a Draper, Utah based entity doing business as “DEBT Box,” as well as the company’s four principals, Jason Anderson, his brother Jacob Anderson, Schad Brannon, and Roydon Nelson, and 13 other defendants in connection with a fraudulent scheme to sell crypto asset securities to hundreds of U.S. investors that raised approximately $50 million and unspecified amounts of Bitcoin and Ether.

The SEC’s complaint, unsealed yesterday in the U.S. District Court for the District of Utah, charges the defendants in an ongoing scheme that began in March 2021 to sell unregistered securities they call “node licenses.” In hundreds of online videos and social media posts, as well as at investor events, the defendants told investors that the node licenses would generate various crypto asset tokens through crypto mining activity and that revenue-generating businesses in a variety of sectors would drive the value of the various tokens DEBT Box mined, resulting in exorbitant gains for investors. In reality, as alleged, the node licenses were a sham intended to obscure the fact that the total supply of each token was created by DEBT Box instantaneously using code on a blockchain.

“We allege that DEBT Box and its principals lied to investors about virtually every material aspect of their unregistered offering of securities, including by falsely stating that they were engaged in crypto asset mining,” said Tracy S. Combs, Director of the SEC’s Salt Lake Regional Office. “We filed this emergency action to protect the victims of the defendants’ unlawful actions and stop further harm.”

The SEC’s complaint further alleges that DEBT Box and its principals —along with defendants James Franklin, Western Oil Exploration Company Inc., and Ryan Bowen—lied to DEBT Box investors about the revenues of the businesses purportedly driving the value of the tokens.

In total, 18 defendants, including those mentioned above, have been charged with engaging in unregistered securities offerings. DEBT Box, Jason Anderson, Jacob Anderson, Brannon, Nelson, Franklin, Western Oil, and Bowen were also charged with violations of the antifraud provisions of the federal securities laws. Jason Anderson, Jacob Anderson, Brannon, Nelson, Bowen, Mark Schuler, Benjamin Daniels, Joseph Martinez, Travis Flaherty, Brendon Stangis, Matthew Fritzsche, B & B Investment Group, LLC, and iX Global, LLC were charged with acting as unregistered brokers.

The complaint seeks permanent injunctive relief, the return of alleged ill-gotten gains, and civil penalties.  The Honorable Judge Robert J. Shelby, U.S. District Judge for the District of Utah, entered an order on July 28, 2023, imposing a temporary restraining order, asset freeze, and other relief. Judge Shelby also entered an order appointing Josias N. Dewey of the law firm Holland & Knight LLP as a temporary receiver over DEBT Box to, amongst other things, marshal assets for the benefit of investors.  Investors who believe they were affected by the DEBT Box offering may visit the receiver’s website at www.debtboxreceiver.com or call (305) 349-2134.

The SEC’s continuing investigation is being conducted by Joseph Watkins, Laurie Abbott, and Mitchell Davidson of the Salt Lake Regional Office and Karaz Zaki of SEC Headquarters. The litigation will be led by Casey Fronk and Michael Welsh. The matter is being supervised by Ms. Combs.

Investors can learn more about the risks of investing in crypto asset securities and unregistered offerings by reading SEC investor education bulletins such as Exercise Caution with Crypto Asset Securities and 10 Red Flags That An Unregistered Offering May Be A Scam.

Press release by SEC.

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RSE Markets Inc. Charged for Operating an Unregistered Securities Exchange

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Washington D.C. — The Securities and Exchange Commission has announced settled charges against RSE Markets Inc. for operating as an unregistered exchange by maintaining and providing a marketplace and facilities that brought together purchasers and sellers of securities, specifically equity interests in “collectible assets” such as valuable cars and watches.

The SEC’s order finds that, between July 1, 2018, and November 20, 2021, RSE operated the Rally Platform, consisting of the RallyRd.com website, the Rally App, and trading functionality, for retail investors based in the United States to purchase and sell securities. Secondary market trading for these securities occurred exclusively on the Rally Platform within trading windows provided by RSE. RSE used an algorithm to match orders based on price and time priority, calculated a final clearing price at which matched orders would execute, and required matched buyers and sellers to provide confirmation of their willingness to transact at the final clearing price.  According to the SEC’s order, the trading interests that RSE accepted were firm orders, as demonstrated by representative data showing that almost all matched trading interests were confirmed and executed. Despite these facts, and RSE marketing the Rally Platform as a stock exchange, the company neither registered the Rally Platform as a national securities exchange nor operated it pursuant to an exemption from such registration.

“RSE operated and marketed its platform as an exchange but failed to comply with the SEC’s registration provisions,” said Tejal D. Shah, Associate Regional Director of the SEC’s New York Regional Office. “When a firm operates an unregistered trading platform, as RSE did, it deprives investors of important protections under the securities laws, including requirements to file disclosures with the Commission and create and maintain certain books and records.”

Without admitting or denying the SEC’s findings, RSE agreed to cease and desist from committing or causing any violations and any future violations of Section 5 of the Securities Exchange Act of 1934 and to pay a $350,000 civil penalty.

The SEC’s investigation was conducted by Rebecca Reilly, John Lehmann, and Sandeep Satwalekar, all of the New York Regional Office. The case was supervised by Ms. Shah.

Press Release by SEC.

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PetSmart to Pay $1.46 Million For Charging Customers Prices Higher than those Advertised

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Los Angeles (CA) – Los Angeles County District Attorney George Gascón announced today that PetSmart LLC has been ordered to pay $1.46 million to settle a lawsuit that alleges the company overcharged customers for items it listed in advertisements.

“Charging customers prices higher than what was advertised is misleading and unfair,” District Attorney Gascón said. “Customers have the right to expect that the prices they see advertised will be honored. It’s important for companies to adhere to advertising regulations and ensure transparency in their pricing practices.”

The complaint was filed in Santa Cruz County on behalf of the district attorney’s offices in Alameda, Contra Costa, Los Angeles, Marin, San Diego, Santa Cruz and Ventura counties. It alleges that PetSmart unlawfully charged customers prices higher than PetSmart’s lowest advertised price for items.

The company, which admits no wrongdoing as part of the settlement, will pay $1.25 million in penalties, $100,000 in restitution to support future enforcement of consumer protection laws and $110,000 in investigative costs.

PetSmart is prohibited from engaging in false or misleading advertising and charging an amount greater than the lowest price posted for an item.  Additionally, the settlement requires PetSmart to implement additional audit and price accuracy procedures in its California stores for a three-year period to ensure compliance with pricing accuracy requirements, including notifying customers of their right to be charged the lowest currently advertised price for any item offered for sale.

Press release by the LA County DA’s Office.

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Former Pfizer Statistician Charged with Insider Trading

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Employee and friend traded ahead of Pfizer’s “game-changer” announcement on the success of its Paxlovid trial

Washington D.C. — The Securities and Exchange Commission has announced insider trading charges against Amit Dagar, a former Pfizer Inc. employee, and his close friend and business partner, Atul Bhiwapurkar, for trading in advance of the company’s November 5, 2021, announcement that a randomized, double-blind study of its COVID-19 antiviral treatment, Paxlovid, was successful. Following that announcement in which Pfizer’s CEO referred to the news as a “game-changer” in the global efforts to “halt the devastation” of the pandemic, the company’s stock price increased by nearly 11 percent, the largest single-day price move in the stock since 2009.

According to the SEC’s complaint, Dagar was a senior statistical program lead for the Paxlovid drug trial, which began in July 2021 as part of the company’s efforts to address the global health pandemic. On the day before the Paxlovid announcement, the complaint alleges, Dagar learned material, nonpublic information about the success of the trial. Specifically, the SEC alleges that Dagar’s supervisor informed him via chat that “we got the outcome,” there was a “lot of work lined up,” and that there would be a “press release tomorrow,” to which Dagar responded with “oh really” and “kind of exciting.” Several hours after that exchange, Dagar allegedly purchased short term, out-of-the-money Pfizer call options, including options that expired the very next day, and then tipped Bhiwapurkar, who also purchased similar call options in Pfizer. The complaint alleges that Dagar’s and Bhiwapurkar’s trading generated approximately $214,395 and $60,300 respectively in illicit profits, which amounted to one-day investment returns of 2,458 percent and 791 percent.

The case originated from the SEC’s Market Abuse Unit’s Analysis and Detection Center, which uses data analysis tools to detect suspicious trading patterns.

“As alleged in our complaint, Amit Dagar misused his access to confidential clinical trial results to enrich himself and his friend, Atul Bhiwapurkar,” said Joseph Sansone, Chief of the Market Abuse Unit. “Dagar and Bhiwapurkar allegedly leveraged this information by trading out-of-the-money call options to generate massive one-day returns. Thanks to our surveillance, the defendants must now face the consequences of their greed.”

The SEC’s complaint, filed in U.S. District Court for the Southern District of New York, charges Dagar and Bhiwapurkar with violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Exchange Act Rule 10b-5 thereunder and seeks injunctive relief, disgorgement with prejudgment interest, and civil penalties.

In a parallel action, the U.S. Attorney’s Office for the Southern District of New York today announced criminal charges against Dagar and Bhiwapurkar.

The SEC’s investigation, which is ongoing, is being conducted by Market Abuse Unit staff member Colby Steele, with the assistance of Patrick McCluskey of the Market Abuse Unit’s Analysis and Detection Center, and is being supervised by Paul Kim and Mr. Sansone. The SEC’s litigation will be led by Charlie Divine and Mr. Steele under the supervision of James Connor. The SEC appreciates the assistance of the U.S. Attorney’s Office for the Southern District of New York and the FBI.

Press Release by SEC.

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SEC Charges Investment Fund Founder William K. Ichioka with $25 Million Offering Fraud

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Washington D.C., June 22, 2023 — The Securities and Exchange Commission today charged William K. Ichioka, of New York, New York, with fraudulently raising $25 million from individual investors primarily in California and Oregon by making false claims about his investing success and promising large anticipated returns but instead using investor funds for gambling and to enrich himself. Ichioka has agreed to resolve the charges against him.

According to the SEC’s complaint, filed in the United States District Court for the Northern District of California, from at least June 2019 to October 2021, Ichioka solicited investments for his unregistered investment fund, Ichioka Ventures, by claiming he was an accomplished investor, promising oversized returns, and guaranteeing investors’ principal. In reality though, as the complaint alleges, Ichioka was unable to pay investors the promised returns and used money from new investors to repay other investors. Also, as alleged in the complaint, Ichioka falsified a bank statement and other documents to create an appearance of success. Finally, according to the complaint, Ichioka also misappropriated millions of investors’ funds for personal use, such as on luxury watches, cars, gambling, and a penthouse apartment.

“As we allege in our complaint, Ichioka lured investors by falsely stating that he was a self-made multimillionaire investor able to generate significant investment returns, but the real story was that Ichioka stole investor funds to enrich himself,” said Monique C. Winkler, Director of the SEC’s San Francisco Regional Office. “This case highlights the SEC’s commitment to holding bad actors accountable and protecting the integrity of our markets.”

The SEC’s complaint charges Ichioka with violating the antifraud provisions of the federal securities laws. Ichioka has agreed to the entry of a partial final judgment, subject to court approval, imposing requested permanent and conduct-based injunctions as well as an officer and director bar, and reserving issues of disgorgement, prejudgment interest, and a civil penalty for further determination by the court.

In parallel actions, the U.S. Attorney’s Office for the Northern District of California (USAO) and Commodity Futures Trading Commission (CFTC) today also announced charges against Ichioka.

The SEC’s investigation was conducted by Erin E. Wilk of the Enforcement Division’s Crypto Assets and Cyber Unit and supervised by Jason H. Lee and Ms. Winkler of the San Francisco Regional Office. The SEC’s litigation will be led by Ms. Wilk and John Han. The SEC appreciates the assistance of the USAO, CFTC, the Federal Bureau of Investigation, and the Internal Revenue Service – Criminal Investigation.

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Press release by the SEC.

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Man Convicted of $54M Bribery and Kickback Scheme Involving Fraudulent Prescriptions

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A federal jury convicted a Florida man for his role in a $54 million bribery and kickback scheme involving TRICARE, a federal program that provides health insurance benefits to active duty and retired service members and their families.

According to court documents and evidence presented at trial, David Byron Copeland, 55, of Tallahassee, was a part-owner and senior sales manager at Florida Pharmacy Solutions (FPS), a Florida-based pharmacy that specialized in compounded prescription drugs. Copeland, along with his accomplices, engaged in a practice known as “test billing” to develop the most expensive combination of compounded drugs to maximize reimbursement from TRICARE. Copeland and his accomplices targeted physicians who treated TRICARE beneficiaries and paid bribes and kickbacks to physicians and salespeople to encourage the referral of prescriptions to FPS. The bribes included lavish hunting trips and expensive dinners. In addition, Copeland and his accomplices used “blanket letters of authorization” that allowed FPS to modify the prescription components to make them more profitable.

Copeland and his sales representatives were paid millions of dollars in kickbacks based on a percentage of the amount that TRICARE reimbursed for their prescriptions, which provided an incentive to seek prescriptions for the most expensive compounded drugs possible, including pain and scar creams. Copeland facilitated the kickbacks through companies he set up to receive and funnel the payments. From late 2012 through mid-2015, FPS billed TRICARE over $54 million for its compounded pharmaceuticals.

The jury convicted Copeland of two counts of soliciting and receiving illegal health care kickbacks and three counts of offering and paying illegal health care kickbacks. The jury acquitted Copeland of conspiracy to defraud the United States and to pay and receive illegal health care kickbacks. His sentencing is scheduled for Sept. 14. He faces a maximum penalty of 10 years in prison for each kickback count. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Two other men, James Wesley Moss, the former chief executive officer of FPS, and Michael Gordon, a former FPS sales representative, previously pleaded guilty for their roles in the scheme and are awaiting sentencing.

Assistant Attorney General Kenneth A. Polite, Jr. of the Justice Department’s Criminal Division; U.S. Attorney Roger Handberg for the Middle District of Florida; Special Agent in Charge Darrin K. Jones of the U.S. Department of Defense Office of Inspector General (DOD-OIG), Defense Criminal Investigative Service, Southeast Field Office; Special Agent in Charge Omar Perez of the U.S. Department of Health and Human Services Office of the Inspector General (HHS-OIG), Miami Regional Office; Special Agent in Charge David Spilker of the U.S. Department of Veterans Affairs Office of Inspector General (VA-OIG), Southeast Field Office; and Special Agent in Charge David Walker of the FBI Tampa Field Office made the announcement.

The DOD-OIG, HHS-OIG, VA-OIG, and FBI investigated the case.

Trial Attorneys Devon Helfmeyer, Katie Rookard, and Clayton Solomon of the Criminal Division’s Fraud Section are prosecuting the case.

The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, comprised of 15 strike forces operating in 25 federal districts, has charged more than 5,000 defendants who collectively have billed the Medicare program for more than $24 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with the Office of the Inspector General for the Department of Health and Human Services, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.

Press release by DOJ.

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