Securities and Exchange Commission v. Johnny Tseng et al

California Central District Court
Judge:Monica Ramirez Almadani
Referred: David T Bristow
Case #: 5:23-cv-01488
Nature of Suit850 Other Statutes - Securities/Commodities/Exchange
Cause15:78m(a) Securities Exchange Act
Case Filed:Jul 28, 2023
Terminated:Dec 20, 2024
Last checked: Wednesday Jan 24, 2024 12:40 AM PST
Defendant
Summitcrest Capital, Inc.
Defendant
Johnny Tseng
Defendant
Kevin Zhang
Represented By
Gene H. Shioda
Shioda Langley And Chang LLP
contact info
Plaintiff
Securities and Exchange Commission
Represented By
Kathryn C. Wanner
Us Securities And Exchange Commission
contact info
Jennifer A. Youngs
Us Securities And Exchange Commission
contact info
Marisa G Westervelt
Us Securities And Exchange Commission
contact info


Docket last updated: 05/14/2025 11:59 PM PDT
Friday, December 20, 2024
33 33 judgmentCV Judgment Fri 12/20 11:24 AM
FINAL JUDGMENT AS TO DEFENDANT KEVIN ZHANG32 by Judge Monica Ramirez Almadani. IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant shall pay disgorgement of ill-gotten gains, prejudgment interest thereon, and a civil penalty pursuant to Section 20(d) of the Securities Act [15 U.S.C. § 77t(d)] and Section 21(d)(3) of the Exchange Act [15 U.S.C. § 78u(d)(3)]. The Court shall determine the amounts of the disgorgement and civil penalty upon motion of the Commission. Prejudgment interest shall be calculated from July 28, 2023, based on the rate of interest used by the Internal Revenue Service for the underpayment of federal income tax as set forth in 26 U.S.C. § 6621(a)(2). See judgment for details. (MD JS-6, Case Terminated). (lom)
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Thursday, December 19, 2024
32 32 stip Judgment Thu 12/19 12:34 PM
STIPULATION for Judgment as to Defendant Kevin Zhang filed by Plaintiff Securities and Exchange Commission.(Wanner, Kathryn)
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Att: 1 Proposed Judgment
Friday, September 13, 2024
31 31 textonly Generic Text Only Entry Fri 09/13 1:00 PM
TEXT ONLY ENTRY by Judge Monica Ramirez Almadani. Counsel and/or the parties are advised that the Court has updated its procedures in civil cases regarding the delivery of courtesy copies. This update can be found on the Court's procedures page, and/or the Court's Civil Trial Order, attached thereto. IT IS SO ORDERED. THERE IS NO PDF DOCUMENT ASSOCIATED WITH THIS ENTRY. (gga) TEXT ONLY ENTRY
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Thursday, May 09, 2024
30 30 adr Notice of Assignment of Panel Mediator (ADR-11) - optional html form Thu 05/09 7:28 AM
NOTICE OF ASSIGNMENT of Panel Mediator. Mediator (ADR Panel) Mark Fingerman has been assigned to serve as Panel Mediator. (lst)
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Thursday, April 04, 2024
29 29 22 pgs order Order Thu 04/04 10:20 AM
CIVIL TRIAL ORDER by Judge Monica Ramirez Almadani. See order for details. (gga)
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Wednesday, March 20, 2024
28 28 order Scheduling Order ~Util - Set/Reset Hearings Wed 03/20 4:17 PM
PRETRIAL SCHEDULING ORDER by Judge Monica Ramirez Almadani. The Court sets a Final Pretrial Conference for 6/12/2025 at 3:00 p.m. *See order for deadlines set* (lom)
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27 27 order Order/Referral to ADR (No 2) (Mediation Panel) (ADR-12) Wed 03/20 4:13 PM
ORDER/REFERRAL to ADR Procedure No 2 by Judge Monica Ramirez Almadani. Case ordered to Court Mediation Panel for mediation. ADR Proceeding to be held no later than May 8, 2025. If the parties have not selected and obtained the consent of a Panel Mediator within twenty-one (21) days, the ADR Program will assign one. (lom)
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Thursday, March 14, 2024
26 26 misc Statement Thu 03/14 4:46 PM
STATEMENT of Case Management [Joint] filed by Plaintiff Securities and Exchange Commission re: Order23 . (Wanner, Kathryn)
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Tuesday, March 12, 2024
25 25 transfer Reassignment of Case Due to Unavailability of Judicial Officer (MJ) (G-74) - optional html form Tue 03/12 7:05 PM
NOTICE OF REASSIGNMENT OF CASE due to Unavailability of Judicial Officer filed. The previously assigned Magistrate Judge is no longer available. Pursuant to directive of the Chief Magistrate Judge and in accordance with the rules of this Court, the case has been returned to the Clerk for reassignment. This case has been reassigned to Magistrate Judge David T. Bristow for any discovery and/or post-judgment matters that may be referred. Case number will now read as 5:23-cv-01488-MRA-DTBx. (cbr)
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Thursday, March 07, 2024
24 24 misc Joint Report Rule 26(f) Discovery Plan Thu 03/07 2:51 PM
JOINT REPORT Rule 26(f) Discovery Plan ; estimated length of trial 5 days, filed by Plaintiff Securities and Exchange Commission.. (Wanner, Kathryn)
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Thursday, February 29, 2024
23 23 4 pgs order Order Thu 02/29 7:11 PM
REASSIGNMENT ORDER by Judge Monica Ramirez Almadani. See Order for details. (gga)
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Friday, February 23, 2024
22 22 cs_rasgn Chief District Judge Transferring Case Fri 02/23 3:54 PM
ORDER OF THE CHIEF JUDGE (#24-019) approved by Judge Philip S. Gutierrez. Pursuant to the recommended procedure adopted by the Court for the CREATION OF CALENDAR of Judge Monica Ramirez Almadani, this case is transferred from Judge Jesus G. Bernal to the calendar of Monica Ramirez Almadani for all further proceedings. The case number will now reflect the initials of the transferee Judge 5:23-cv-01488-MRA-kkx. (ap)
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Tuesday, January 09, 2024
21 21 order Initial Order Setting R26 Scheduling Conference - form only Tue 01/09 4:37 PM
ORDER SETTING SCHEDULING CONFERENCE by Judge Jesus G. Bernal. Scheduling Conference set for 3/11/2024 at 11:00 AM before Judge Jesus G. Bernal. (mga)
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Tuesday, December 26, 2023
20 20 order Appear Pro Hac Vice Tue 12/26 4:26 PM
ORDER GRANTING APPLICATION of Non-Resident Attorney Jennifer A. Youngs to Appear Pro Hac Vice on behalf of Plaintiff Securities and Exchange Commission and designating Kathryn C. Wanner as local counsel19 by Judge Jesus G. Bernal. (lc)
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Tuesday, December 19, 2023
19 19 motion Appear Pro Hac Vice (G-64) Tue 12/19 1:29 PM
APPLICATION of Non-Resident Attorney Jennifer A. Youngs to Appear Pro Hac Vice on behalf of Plaintiff Securities and Exchange Commission (Pro Hac Vice Fee - Not Required for US Government Attorney) filed by Plaintiff Securities and Exchange Commission. (Wanner, Kathryn)
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Att: 1 Proposed Order
Monday, November 13, 2023
18 18 notice Deficiency in Electronically Filed Documents (G-112A) - optional html form Mon 11/13 7:57 AM
NOTICE TO FILER OF DEFICIENCIES in Electronically Filed Document RE: Answer to Complaint (Attorney Civil Case Opening)17 . The following error(s) was/were found: Local Rule 7-1.1 no notice of interested parties. In response to this notice, the Court may: (1) order an amended or correct document to be filed; (2) order the document stricken; or (3) take other action as the Court deems appropriate. You need not take any action in response to this notice unless and until the Court directs you to do so. (es)
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Friday, November 10, 2023
17 17 answer Answer to Complaint (Attorney Civil Case Opening) Fri 11/10 5:07 PM
ANSWER to Complaint (Attorney Civil Case Opening)1 filed by Defendant Kevin Zhang.(Shioda, Gene)
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Thursday, October 26, 2023
16 16 1 pgs order Order Thu 10/26 3:52 PM
ORDER Pursuant to Written Stipulation of Parties by Judge Jesus G. Bernal; Granting Stipulation13 . A responsive pleading of Defendant KEVIN ZHANG is due on or before November 10, 2023. (twdb)
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Friday, October 20, 2023
15 15 judgmentCV Judgment Mon 10/23 3:07 PM
FINAL JUDGMENT AS TO DEFENDANT SUMMIT CREST CAPITAL, INC., by Judge Jesus G. Bernal. IT IS HEREBY ORDERED, ADJUDGED, AND DECREED that Defendant is permanently restrained and enjoined from violating, directly or indirectly, Section 10(b) of the Securities Exchange Act of 1934. IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant is liable for disgorgement of $16,600,000.00, representing net profits gained as a result of the conduct alleged in the Complaint, together with prejudgment interest thereon in the amount of $4,349,481.52, on a joint and several basis, pursuant to Sections 21(d)(5) and 21(d)(7) of the Exchange Act [15 U.S.C. § 78u(d)(5) and 15 U.S.C. § 78u(d)(7)]; and a civil penalty in the amount of $2,232,280.00, pursuant toSection 20(d) of the Securities Act [15 U.S.C. § 77t(d)] and Section 21(d)(3) of the Exchange Act [15 U.S.C. § 78u(d)(3)]. Defendant shall satisfy this obligation by paying $23,181,761.52 to the Securities and Exchange Commission within 30 days after entry of this Final Judgment. Related to: Stipulation for Judgment5 . SEE DOCUMENT FOR FURTHER INFORMATION. (twdb)
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14 14 judgmentCV Judgment Fri 10/20 4:52 PM
FINAL JUDGMENT AS TO DEFENDANT JOHNNY TSENG by Judge Jesus G. Bernal. Defendant is permanently restrained and enjoined from violating Section 17(a) of the Securities Act of 1933 (the Securities Act) [15 U.S.C. § 77q(a)] in the offer or sale of any security by the use of any means or instruments of transportation or communication in interstate commerce or by use of the mails, directly or indirectly: IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant is liable for disgorgement of $16,600,000.00, representing net profits gained as a result of the conduct alleged in the Complaint, together with prejudgment interest thereon in the amount of $4,349,481.52, on a joint and several basis, and disgorgement of $60,000.00, together with prejudgment interest thereon in the amount of $15,721.03, on an individual basis, pursuant to Sections 21(d)(5) and 21(d)(7) of the Exchange Act [15 U.S.C. § 78u(d)(5) and 15 U.S.C. § 78u(d)(7)]; and a civil penalty in the amount of $414,366.00, pursuant to Section 20(d) of the Securities Act [15 U.S.C. § 77t(d)] and Section 21(d)(3) of the Exchange Act [15U.S.C. § 78u(d)(3)]. Defendant shall satisfy this obligation by paying $21,439,568.55 to the Securities and Exchange Commission within 30 days after entry of this Final Judgment. Related to: Stipulation for Judgment4 . (twdb)
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Thursday, October 05, 2023
13 13 stip Extending Time to Answer (30 days or less) Thu 10/05 5:51 PM
STIPULATION Extending Time to Answer the complaint as to Kevin Zhang answer now due 11/10/2023, re Complaint (Attorney Civil Case Opening)1 filed by Defendant Kevin Zhang.(Attorney Gene H. Shioda added to party Kevin Zhang(pty:dft))(Shioda, Gene)
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Att: 1 Proposed Order
Monday, September 25, 2023
12 12 order Initial Order upon Filing of Complaint - form only Mon 09/25 4:18 PM
STANDING ORDER upon filing of the complaint by Judge Jesus G. Bernal. (ima)
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Friday, September 22, 2023
11 11 notice Notice of Reassignment (CV-87) of Magistrate Judge Direct Assignment Program Fri 09/22 4:41 PM
NOTICE OF REASSIGNMENT of MJDAP case from Magistrate Judge Shasha H. Kewalramani to Judge Jesus G. Bernal for all further proceedings. Any discovery matters that may be referred to a Magistrate Judge are assigned to U.S. Magistrate Judge Kenly Kiya Kato. The case number will now reflect the initials of the transferee Judges 5:23-cv-01488 JGB(KKx). (rn)
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Monday, September 11, 2023
10 10 misc Statement Mon 09/11 11:16 AM
STATEMENT of Consent to Proceed Before a United States Magistrate Judge filed by Plaintiff Securities and Exchange Commission re: Notice to Counsel (CV-20a) Magistrate Judge Direct Assignment Program - optional html form6 . (Wanner, Kathryn)
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9 9 misc Notice to Counsel (CV-14) Reminder re MJ Civil Consent Pilot Project-optional html form Mon 09/11 10:11 AM
REMINDER NOTICE re Magistrate Judge Direct Assignment Program. Each party must file form CV-11C within the consent deadlines pursuant to L.R. 73-2. Additionally, the parties are directed to L.R. 73-2.2 Proof of Service. In any case in which only a magistrate judge is initially assigned, plaintiff must file a proof of service within 10 days of service of the summons and complaint as to each defendant. (dc)
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Thursday, August 17, 2023
8 8 service Waiver of Service Executed Thu 08/17 7:33 AM
WAIVER OF SERVICE Returned Executed filed by Plaintiff Securities and Exchange Commission. upon Kevin Zhang waiver sent by Plaintiff on 8/10/2023, answer due 10/10/2023. Waiver of Service signed by Gene Shioda. (Wanner, Kathryn)
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Tuesday, August 01, 2023
7 7 service Summons Issued (Attorney Civil Case Opening) Tue 08/01 11:19 AM
21 DAY Summons Issued re Complaint (Attorney Civil Case Opening)1 as to Defendants Summitcrest Capital, Inc., Johnny Tseng, Kevin Zhang. (sh)
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6 6 misc Notice to Counsel (CV-20a) Magistrate Judge Direct Assignment Program - optional html form Tue 08/01 11:15 AM
NOTICE TO COUNSEL re Magistrate Judge Direct Assignment Program. This case has been randomly assigned to Magistrate Judge Shashi H. Kewalramani. (sh)
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Att: 1 CV-11C
Friday, July 28, 2023
5 5 stip Judgment Fri 07/28 7:14 AM
STIPULATION for Judgment as to Defendant Summitcrest Capital, Inc. filed by Plaintiff Securities and Exchange Commission.(Wanner, Kathryn)
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Att: 1 Final Judgment
4 4 stip Judgment Fri 07/28 7:11 AM
STIPULATION for Judgment as to Defendant Johnny Tseng filed by Plaintiff Securities and Exchange Commission.(Wanner, Kathryn)
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Att: 1 8 pgs Final Judgment
3 3 notice Summons Request Fri 07/28 7:07 AM
Request for Clerk to Issue Summons on Complaint (Attorney Civil Case Opening)1 filed by Plaintiff Securities and Exchange Commission. (Wanner, Kathryn)
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2 2 misc Civil Cover Sheet (CV-71) Fri 07/28 7:04 AM
CIVIL COVER SHEET filed by Plaintiff Securities and Exchange Commission. (Wanner, Kathryn)
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1 1 17 pgs cmp Complaint (Attorney Civil Case Opening) Fri 07/28 6:53 AM
COMPLAINT No Fee Required - US Government, filed by Plaintiff Securities and Exchange Commission. (Attorney Kathryn C. Wanner added to party Securities and Exchange Commission(pty:pla))(Wanner, Kathryn)
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