SEC v. Wynn Gustafson, No. LR-23976, District of Minnesota (Oct. 31, 2017) — Press Release
raw: Wynn Gustafson
Wynn Gustafson, No. LR-23976 (Oct. 31, 2017)
Wynn Gustafson, President of WAG Trading, allegedly facilitated transactions involving funds from US victims of advance fee fraud and is being sued by the SEC for failing to comply with a subpoena.
The SEC filed a subpoena enforcement action against Wynn Gustafson, President of WAG Trading, for failing to produce documents related to an investigation into fraudulent 'historical bond' schemes. Gustafson allegedly facilitated transactions involving funds from US victims of advance fee fraud, wiring money to foreign entities in China, Hong Kong, and Ghana. The disputed documents include emails directing overseas transfers and records of a bank account allegedly holding $22 million.
The Securities and Exchange Commission (SEC) filed a subpoena enforcement action against Wynn Gustafson, President of WAG Trading and Investments Company LLC, for failing to comply with a document subpoena issued in an investigation into alleged fraud involving 'historical bonds' tied to international transactions in China, Hong Kong, and Ghana. The SEC alleges that Gustafson's bank accounts showed suspicious rapid deposits and wire transfers, some from US victims of advance-fee scams, to foreign entities, suggesting money laundering or fraud. Gustafson allegedly facilitated transactions involving funds from US victims of advance fee fraud, wiring money to foreign entities in China, Hong Kong, and Ghana. The disputed documents include emails directing overseas transfers and records of a bank account allegedly holding $22 million. Despite repeated demands, Gustafson refused to provide the subpoenaed documents, prompting the SEC to seek a court order compelling compliance with its subpoena and additional relief to ensure full cooperation. The underlying investigation into WAG Trading's activities remains open.
Exhibits & Attached Documents (1)
Extracted insights
- $22.00M $22 million $10M–$100M
- person document subpoena
- company president of wag trading and investments company llc
- person wynn gustafson
- SEC filed action to enforce compliance with a document subpoena
- SEC issued document subpoena
- SEC served document subpoena upon Wynn Gustafson
- Wynn Gustafson is President of WAG Trading and Investments Company LLC
- Wynn Gustafson is located in Arden Hills, Minnesota
- Securities and Exchange Commission v. Wynn Gustafson filed October 31, 2017
- SEC filed an action to enforce compliance with a document subpoena issued to Wynn Gustafson in an investigation of WAG Trading and Investments Company LLC
- Wynn Gustafson is the President of WAG Trading and Investments Company LLC
Litigation Release No. 23976 / October 31, 2017 Securities and Exchange Commission v. Wynn Gustafson, Civil Action No. 17-mc-00055 (D. Minn., filed October 31, 2017) SEC Files Subpoena Enforcement Action against Wynn Gustafson of Arden Hills, Minnesota The Securities and Exchange Commission ("SEC") announced today that on October 31, 2017, the SEC filed an action to enforce compliance with a document subpoena issued and served upon Wynn Gustafson in an SEC investigation captioned In the Matter of WAG Trading and Investments Company LLC. As set forth in the SEC's papers, Wynn Gustafson is the President of WAG Company LLC, formerly known as WAG Trading and Investment Company LLC ("WAG Trading"). According to documents produced to the SEC, WAG Trading is in the business of conducting international transactions buying, selling, and redeeming so-called "historical bonds" in China, Hong Kong, Ghana, Singapore, and Germany. As set forth in the SEC's papers, "historical bonds" are often used to perpetuate fraudulent schemes. According to the application filed by the SEC, in the course of its investigation, the SEC discovered a number of suspicious transactions in Mr. Gustafson's bank accounts. Often, large sums appear to have been deposited and then wired out of Mr. Gustafson's account in quick succession. At least some of the transfers from Mr. Gustafson's bank accounts were wires to foreign entities in China, Hong Kong, or Ghana. The SEC alleges that at least some of the transfers into Mr. Gustafson's accounts have been wires from private U.S. citizens who appear to be victims of fraudulent schemes, including advance fee schemes. Despite repeated requests by the SEC, Mr. Gustafson has failed to produce subpoenaed documents, including emails from an individual in China, which Mr. Gustafson claims to possess, that purportedly directed him to send funds to various overseas accounts, and documents related to an overseas bank account that he claims was set up in his name that purportedly had a balance of $22 million. The SEC seeks an Order from the District Court of Minnesota requiring Mr. Gustafson to comply with the subpoena issued to him as well as granting any other relief needed to achieve compliance with the subpoena. The SEC's investigation in this matter is continuing. ApplicationLitigation Release No. 23976 / October 31, 2017 Securities and Exchange Commission v. Wynn Gustafson, Civil Action No. 17-mc-00055 (D. Minn., filed October 31, 2017) SEC Files Subpoena Enforcement Action against Wynn Gustafson of Arden Hills, Minnesota The Securities and Exchange Commission ("SEC") announced today that on October 31, 2017, the SEC filed an action to enforce compliance with a document subpoena issued and served upon Wynn Gustafson in an SEC investigation captioned In the Matter of WAG Trading and Investments Company LLC. As set forth in the SEC's papers, Wynn Gustafson is the President of WAG Company LLC, formerly known as WAG Trading and Investment Company LLC ("WAG Trading"). According to documents produced to the SEC, WAG Trading is in the business of conducting international transactions buying, selling, and redeeming so-called "historical bonds" in China, Hong Kong, Ghana, Singapore, and Germany. As set forth in the SEC's papers, "historical bonds" are often used to perpetuate fraudulent schemes. According to the application filed by the SEC, in the course of its investigation, the SEC discovered a number of suspicious transactions in Mr. Gustafson's bank accounts. Often, large sums appear to have been deposited and then wired out of Mr. Gustafson's account in quick succession. At least some of the transfers from Mr. Gustafson's bank accounts were wires to foreign entities in China, Hong Kong, or Ghana. The SEC alleges that at least some of the transfers into Mr. Gustafson's accounts have been wires from private U.S. citizens who appear to be victims of fraudulent schemes, including advance fee schemes. Despite repeated requests by the SEC, Mr. Gustafson has failed to produce subpoenaed documents, including emails from an individual in China, which Mr. Gustafson claims to possess, that purportedly directed him to send funds to various overseas accounts, and documents related to an overseas bank account that he claims was set up in his name that purportedly had a balance of $22 million. The SEC seeks an Order from the District Court of Minnesota requiring Mr. Gustafson to comply with the subpoena issued to him as well as granting any other relief needed to achieve compliance with the subpoena. The SEC's investigation in this matter is continuing. Application