fraudsecurities3.405 min read SEC Halts $130 Million Fraud Targeting Indian American Community
The Securities and Exchange Commission (SEC) has obtained emergency relief, including a temporary restraining order and asset freeze, to halt a fraud targeting the Indian American community. The fraud, allegedly conducted by Nanban Ventures LLC and its founders, has raised nearly $130 million since April 2021. The defendants are accused of overstating investment profitability, making fake profit distribution payments, and siphoning off millions of dollars for themselves. The SEC's complaint charges the defendants with violating antifraud provisions and seeks permanent injunctions, disgorgement of ill-gotten gains, and civil penalties. The investigation is ongoing.
2 years ago•Source: SEC.gov
