Securities and Exchange Commission v. Brian Lam

Summary

This final judgment permanently enjoins Nathan Nhan Nguyen from violating federal securities registration and broker-dealer requirements and from participating in unregistered securities offerings. The court orders Nguyen to pay a $1,000 civil penalty and Nguyen Group LLC to pay a $25,000 civil penalty, while determining that no disgorgement is owed based on repayment of illicit funds.

Holdings

1. Nguyen is permanently restrained and enjoined from violating Section 5 of the Securities Act by offering or selling securities without an applicable registration statement or exemption, or while a registration statement is subject to specified statutory proceedings.
2. Nguyen is permanently restrained and enjoined from violating Section 15(a) of the Exchange Act by effecting or inducing securities transactions without being associated with a broker or dealer registered under Section 15(b).
3. Nguyen is permanently restrained and enjoined from directly or indirectly participating, including through an entity he owns or controls, in the issuance, purchase, offer, or sale of securities in an unregistered offering.
4. Nguyen is liable for $0 in disgorgement because he repaid the illicit funds, but Nguyen must pay a $1,000 civil penalty and Nguyen Group LLC must pay a $25,000 civil penalty.

Questions Presented

1. What injunctive relief should be entered against Nathan Nhan Nguyen for violations of Sections 5 of the Securities Act and 15(a) of the Exchange Act?
2. Whether Nguyen should be permanently enjoined from participating in unregistered securities offerings under Section 21(d)(5) of the Exchange Act.
3. What disgorgement and civil-penalty amounts should be imposed against Nguyen and Nguyen Group LLC.

Disposition

other