SEC v. Luca International Group, LLC; and Bingqing Yang, No. LR-25112, Northern District of California (June 10, 2021) — Press Release
raw: Luca International Group, LLC, et al.
Luca International Group, LLC, et al., No. 3:15-CV-03101 (June 10, 2021)
summary
Bingqing Yang, CEO of Luca International, LLC, perpetrated a $68 million affinity fraud scheme targeting Chinese-Americans and EB-5 investors, and was ordered to pay $699,000 in penalties and disgorgement.
paragraph
Bingqing Yang, CEO of Luca International, LLC, was found guilty of an affinity fraud scheme that generated over $68 million from illegal sales of securities in an oil and gas venture. Yang was permanently enjoined from various securities-related activities and ordered to pay $209,672 in disgorgement, $64,579 in prejudgment interest, and a $425,749 civil penalty. The scheme specifically targeted Chinese-Americans and EB-5 investors.
narrative
The SEC obtained a final judgment against Bingqing Yang, CEO of Luca International, LLC, for her role in an affinity fraud scheme that generated more than $68 million from illegal sales of securities in an oil and gas venture, targeting Chinese-Americans and EB-5 investors. Yang consented to the judgment without admitting or denying the allegations. The judgment permanently enjoins Yang from violating various securities laws, including Section 17(a) of the Securities Act and Section 10(b) of the Securities Exchange Act, and bars her from participating in security offerings, soliciting investors, or serving as an officer or director of a public company. Yang was ordered to pay $209,672 in disgorgement, $64,579 in prejudgment interest, and a $425,749 civil penalty. The case, initially filed in 2015 against eight defendants, is now fully resolved with the judgment against Yang. The SEC's action demonstrates its commitment to protecting vulnerable investor groups from affinity fraud schemes.
Classified affinity-fraud(confidence 100%). EDGAR detection: forms Form D· recall 58% / precision 2%. detection rule →
Statutes
Parties
Securities and Exchange CommissionLuca International Group, LLCBingqing Yang
Keywords
luca internationalinternational groupagainstlucainternationalllcfinalsecuritiesjulyyangfinal againstsecurities exchangeagainst yanggroupoil
Extracted insights
Dollar amounts 4
- $68.00M $68 million $10M–$100M
- $426K $425,749 $100K–$1M
- $210K $209,672 $100K–$1M
- $65K $64,579 $10K–$100K
Entities 8
- person affinity fraud scheme
- company against bingqing yang, ceo of luca international group, llc
- person Bingqing Yang
- company bingqing yang, the ceo of luca international, llc
- company ceo of luca international, llc
- person final judgment
- company Luca International Group, LLC
- court united states district court for the northern district of california
Triples 55
- SEC obtains final judgment against Bingqing Yang, the CEO of Luca International, LLC
- United States District Court for the Northern District of California entered final judgment against Bingqing Yang
- SEC alleges affinity fraud scheme Luca International Group, LLC, et al.
- Bingqing Yang committed affinity fraud an oil company scheme targeting Chinese-Americans and EB-5 investors
- SEC obtained final judgment against Bingqing Yang, CEO of Luca International Group, LLC
- Luca International Group, LLC generated more than $10 million in fraudulent proceeds
- SEC obtains final judgment against Bingqing Yang, the CEO of Luca International, LLC
- United States District Court for the Northern District of California entered a final judgment against Bingqing Yang, the CEO of Luca International, LLC
- SEC filed action against eight defendants
- Bingqing Yang committed affinity fraud an affinity fraud scheme targeting Chinese-Americans and EB-5 investors that generated more than $10 million
- Bingqing Yang committed affinity fraud an oil company scheme targeting Chinese-Americans and EB-5 investors
- SEC obtained final judgment against Bingqing Yang, CEO of Luca International Group, LLC
- Luca International Group, LLC generated more than $10 million in fraudulent proceeds
- Bingqing Yang committed affinity fraud an affinity fraud scheme targeting Chinese-Americans and EB-5 investors that generated more than $10 million
- Bingqing Yang committed affinity fraud an affinity fraud scheme targeting Chinese-Americans and EB-5 investors that generated more than $10 million
- SEC obtained final judgment against Bingqing Yang, CEO of Luca International Group, LLC, in a fraud case filed in 2015
- Luca International Group, LLC engaged in fraud an affinity fraud scheme targeting Chinese-American and EB-5 investors
- SEC obtains final judgment
- United States District Court for the Northern District of California entered final judgment
- Bingqing Yang is CEO of Luca International, LLC
- Luca International Group, LLC alleged affinity fraud scheme
- affinity fraud scheme targeted Chinese-Americans and Eb-5 Investors
- Bingqing Yang committed affinity fraud an affinity fraud scheme targeting Chinese-Americans and EB-5 investors that generated more than $10 million
- Bingqing Yang committed affinity fraud an oil company scheme targeting Chinese-Americans and EB-5 investors
- SEC obtained final judgment against Bingqing Yang, CEO of Luca International Group, LLC
- Luca International Group, LLC generated more than $10 million in fraudulent proceeds
- Bingqing Yang committed affinity fraud an oil company scheme targeting Chinese-Americans and EB-5 investors
- SEC obtained final judgment against Bingqing Yang, CEO of Luca International Group, LLC
- Luca International Group, LLC generated more than $10 million in fraudulent proceeds
- Bingqing Yang committed affinity fraud targeting Chinese-Americans and EB-5 investors through Luca International Group, LLC
- SEC obtained final judgment against Bingqing Yang in a fraud scheme involving oil company investments
- Luca International Group, LLC generated more than $10 million in fraudulent proceeds from Chinese-American and EB-5 investors
- Bingqing Yang is CEO of Luca International, LLC
- Luca International Group, LLC is defendant in oil company scheme targeting Chinese-Americans and EB-5 investors
- SEC obtains final judgment against Bingqing Yang
- SEC files action against eight defendants
- Bingqing Yang allegedly participated in affinity fraud scheme
- United States District Court for the Northern District of California enters final judgment against Bingqing Yang
- Luca International Group, LLC allegedly generated more than $10 million in investor funds
- SEC obtains final judgment against defendant in oil company scheme targeting Chinese-Americans and Eb-5 investors
- United States District Court for the Northern District of California entered final judgment against Bingqing Yang
- Bingqing Yang is CEO of Luca International, LLC
- Luca International Group, LLC, et al. were defendants in a previously-filed action
- Litigation Release No. 25112 dated June 10, 2021
- Securities and Exchange Commission v. Luca International Group, LLC, et al. filed July 6, 2015
- SEC obtained final judgment against Bingqing Yang
- Bingqing Yang is CEO of Luca International, LLC
- United States District Court for the Northern District of California entered final judgment against Bingqing Yang
- Luca International Group, LLC alleged in affinity fraud scheme
- affinity fraud scheme targeted Chinese-Americans and Eb-5 Investors
- affinity fraud scheme generated more than $100 million in fraudulent proceeds
- SEC obtains final judgment against Luca International Group, LLC, et al.
- United States District Court for the Northern District of California entered final judgment against Bingqing Yang
- Bingqing Yang is CEO of Luca International, LLC
- affinity fraud scheme targeted Chinese-Americans and Eb-5 Investors
Extracted body text (1,597c)
SEC Obtains Final Judgment Against Defendant in Oil Company Scheme Targeting Chinese-Americans and Eb-5 Investors Litigation Release No. 25112 / June 10, 2021 Securities and Exchange Commission v. Luca International Group, LLC, et al., No. 3:15-CV-03101 (N.D. Cal. filed July 6, 2015) On June 9, 2021, the United States District Court for the Northern District of California entered a final judgment against Bingqing Yang, the CEO of Luca International, LLC, in a previously-filed action against eight defendants alleging an affinity fraud scheme that generated more than $68 million from illegal sales of securities in an oil and gas venture. The entry of a judgment against Yang fully resolves the Commission's lawsuit. Without admitting or denying the allegations against her, Yang consented to entry of a final judgment permanently enjoining her from violating Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1), (2) and (4) of the Investment Advisers Act of 1940 and Rule 206(4)-8 thereunder, from participating in the issuance, offer or sale of any security of an entity she controls; from soliciting any person or entity to purchase or sell any security; and from acting as an officer or director of a public company. The final judgment also orders Yang to pay $209,672 in disgorgement and $64,579 in prejudgment interest, and a $425,749 civil penalty. For further information, see Press Release No. 2015-141 (July 6, 2015), Litigation Release Nos. 23298 (July 6, 2015) and 23606 (July 28, 2016).
OCR text (1,597c · html-text · 99% conf)
SEC Obtains Final Judgment Against Defendant in Oil Company Scheme Targeting Chinese-Americans and Eb-5 Investors Litigation Release No. 25112 / June 10, 2021 Securities and Exchange Commission v. Luca International Group, LLC, et al., No. 3:15-CV-03101 (N.D. Cal. filed July 6, 2015) On June 9, 2021, the United States District Court for the Northern District of California entered a final judgment against Bingqing Yang, the CEO of Luca International, LLC, in a previously-filed action against eight defendants alleging an affinity fraud scheme that generated more than $68 million from illegal sales of securities in an oil and gas venture. The entry of a judgment against Yang fully resolves the Commission's lawsuit. Without admitting or denying the allegations against her, Yang consented to entry of a final judgment permanently enjoining her from violating Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1), (2) and (4) of the Investment Advisers Act of 1940 and Rule 206(4)-8 thereunder, from participating in the issuance, offer or sale of any security of an entity she controls; from soliciting any person or entity to purchase or sell any security; and from acting as an officer or director of a public company. The final judgment also orders Yang to pay $209,672 in disgorgement and $64,579 in prejudgment interest, and a $425,749 civil penalty. For further information, see Press Release No. 2015-141 (July 6, 2015), Litigation Release Nos. 23298 (July 6, 2015) and 23606 (July 28, 2016).