Following a Movement for Judgment filed on January thirty first, Steven Chiang copped a $3.3 million judgment on February 1st.
As per his Nasgo judgment, Chiang is topic to an injunction prohibiting additional securities fraud violations.
On the cash aspect of issues, Chiang
- is accountable for $2.5 million in disgorgement
- pays $603,773 in pre-judgment curiosity
- pays a $223,229 civil penalty
Collectively, the financial element of Chiang’s Nasgo judgment involves $3,331,586. Fee is due inside thirty days of the February 1st filed order.
Chiang, aka Cyrus Kong, co-founded the Nasgo and Sharenode Ponzi scheme with Eric Tippetts in 2019.
Lengthy after Nasgo collapsed, the SEC filed go well with in opposition to Chiang and Tippetts in early 2022. Tippetts settled the SEC’s case in opposition to him in August 2022.
Along with Chiang and Tippetts, the SEC additionally went after James Hardy (proper) and Maurice “Butch” Chelliah.
Hardy and Chelliah assisted Tippetts and Chiang with defrauding shoppers via Nasgo.
The SEC secured judgments in opposition to Chelliah and Hardy in December 2022 and March 2023 respectively.
Financial judgments in opposition to Chelliah and Hardy are to be decided, pending extra filings by the SEC.