EAdGear Case: Judge Orders More Than $26 Million In Disgorgement And Penalties

breakingnews725Another pyramid scheme has proven costly for its operators. Here, according to the SEC, is the rundown from the EAdGear case brought in 2014.

eAdGear Holdings Limited and eAdGear Inc. have been ordered to disgorge $21 million in ill-gotten gains, pay prejudgment interest of $640,000 and pay a civil penalty in the amount of $1,000,000.

Charles S. Wang and Cathy Zhang were ordered to disgorge $2.019 milion in ill-gotten gains and pay prejudgment interest of $61,280; Zhang further was ordered to a civil penalty of $200,000. Francis Y. Yuen and relief defendant Laurata Chan were ordered to disgorge $1.571 million in ill-gotten gains and pay prejudgment interest of $48,000.

U.S. District Judge Richard Seeborg of the Northern District of California entered the final judgments in the SEC’s civil case.

Wang and Yuen previously were sentenced to prison terms of 46 months each.

Read the SEC’s statement.




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