Call Now For a Free Consultation:
(614) 532-4576
Nationwide Representation

News: SEC Announces Charges Against Benjamin Wey and New York Global Group

The SEC announced last week that it was bringing charges against Benjamin Wey, a Wall Street CEO, and his company, New York Global Group (NYGG), over allegations that they participated in a scheme to manipulate stock in Chinese companies after reverse mergers.

According to the SEC, Wey and his company concealed their scheme to take control of stock in Chinese companies all the while claiming to be guiding these companies through the process of becoming publicly traded in the U.S.

The SEC says that Wey and his associates organized reverse mergers in order to gain five or more percent ownership interests. To keep it a secret, Wey and his company allegedly divided the shares up in numerous foreign accounts. According to the SEC, this scheme generated tens of millions of dollars in profit.

In addition to the SEC’s fraud charges, the U.S. Attorney’s Office for the Southern District of New York will also be bringing criminal charges against Wey and a man named Dogan Erbek, the Wey family’s Swiss broker.

In a statement, the SEC accuses the Wey, some of his family members, and NYGG of purporting to help Chinese companies go public in order to conceal the fact that they were profiting from gaining control of their clients’ shares.

The Weys and NYGG are currently under investigation, and all violations at this point are alleged.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation
Atlanta Office

945 East Paces Ferry Road, Suite 2275
Atlanta, GA 30326
Columbus Office

614-224-6000
305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

310-905-8688
2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

216-600-1355
4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

248-817-8214
41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram