02:59:54 EDT Wed 16 Jul 2025
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SEC fines Left associate Choi $1.8-million (U.S.)

2024-10-22 20:16 ET - Street Wire

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by Mike Caswell

The U.S. Securities and Exchange Commission has won a $1.8-million settlement against Ryan Choi, a Beverly Hills resident charged as part of the case against activist short-seller Andrew Left. (All figures are in U.S. dollars.) The SEC claims that Mr. Choi traded around social media posts made by Mr. Left's publication, buying options before the posts went out. In one case, he generated $567,640 in profits in just over an hour, the SEC says.

The penalty for Mr. Choi comes with the SEC and federal prosecutors still pursuing Mr. Left, who is accused of generating $20-million trading multiple stocks listed in Canada and the United States. According to the government, he used his publication to take advantage of investors who followed his recommendations. Mr. Left denies any wrongdoing, and pleaded not guilty to the criminal charges.

Mr. Choi's penalty, which the SEC disclosed on Tuesday, Oct. 22, includes disgorgement of $1.6-million in gains, plus interest, and a $115,231 fine. The sanctions represent a negotiated settlement, in which Mr. Choi did not admit to any wrongdoing. Mr. Choi only faced the SEC's civil charges, and not the more serious criminal allegations against Mr. Left.

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Great. The unscrupulous get fined, again. But what does the public, you know us investors, get after being screwed over by these people

Posted by mrhappyone at 2024-10-23 18:07