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The SEC’s claims of securities fraud against Eric Tippetts have been resolved with a settlement.

Tippett is accused of breaking the law because of his part in the $10 million Ponzi schemes known as Nago and ShareNode.

A consent judgment outlining the terms of Tippett’s settlement with the SEC was submitted on August 5th. On April 28th, 2022, Tippetts put his signature on the final decision.

Tippetts agreed to a permanent injunction barring him from violating the Securities Act, as outlined in the proposed decision. Both the amount of any civil penalty and the amount of any disgorgement of ill-gotten gains will be determined at a later period.

On August 11th, the court granted final approval to Tippetts’ Nasgo settlement.

Meanwhile, it seems like Tippetts’ accomplice, Steve Chiang, is dodging the legal process.

According to a filing with the SEC on July 27;

The SEC has tried both personally and through his lawyer to serve Chiang with the summons and Complaint, but neither has been successful so yet.

The SEC has made all possible efforts to deliver legal papers to Chiang at his Singaporean home. But it seems he’s trying to avoid being served.

Seven times throughout June, the SEC, through retained lawyers in Singapore, made attempts to serve Chiang at his home.

A lady purporting to be Chiang’s wife let (counsel) into his home on June 14, 2022.

She said that Chiang was not there, but that he would be back at six o’clock that evening.

Later, at 6:10 p.m. and 8:00 p.m., (Counsel) returned, but neither time did he get an answer when he called Chiang’s apartment from the lobby.

On another occasion, while waiting in Chiang’s building’s lobby, (the lawyer) placed a call to Chiang’s apartment.

A woman picked up the phone, but after (the lawyer) explained that he was there to serve paperwork, she hung up without saying anything further.

The same thing happened on June 16, 2022, when (the counsel) contacted Chiang’s apartment from the Residence lobby.

When (the counselor) said that he was there to serve paperwork, the woman who answered the phone promptly hung up.

Chiang had engaged New York lawyers to represent him, but they have refused service.

The SEC delivered copies of the lawsuit and summons to Chiang’s attorney.

While he plans to eventually rethink accepting service on Chiang’s behalf, he is hesitant to do so at this moment while he investigates the SEC’s claims.

I interpret that to mean “Chiang’s not paying us,” nevertheless.

Since Singapore is not a party to the Hague Convention, service under that agreement cannot be used, as has been the case in other recent civil fraud instances.

Due to Chiang’s avoidance of service, the SEC has asked for further time to serve him.

After filing a request on August 4, the SEC was granted an extension until October 3.

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