SEC v. BKCoin Management, LLC and Kevin Kang (ponzi schemes, 2023)

Settled

✓ Checked against the primary document on October 4, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, with sampled and disputed records read a second time. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

Report an error in this record (sec-bkcoin-management-llc-et-al-ponzi-schemes-2023) by email

In March 2023 the SEC filed an emergency action against BKCoin Management and Kevin Kang over a crypto fund that raised about $100 million. On August 12, 2024 the court entered a consent judgment against Kang that settles liability and leaves monetary relief to a later motion; the outcome for BKCoin Management is not confirmed.

The record

What was ordered

Civil penalty

—

Disgorgement

—

Prejudgment interest

—

Total relief

—

Alleged gain

—

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

The Securities and Exchange Commission announced this matter on March 6, 2023 as release LR-25657. The SEC obtained an asset freeze and receiver in an emergency action alleging that BKCoin raised about $100 million from at least 55 investors, used over $3.6 million for Ponzi-like payments, and that Kang took at least $371,000.

This library tags the matter as a Ponzi scheme because the document describes returns to earlier investors paid from later investors' money, as alleged or found. The tagging is ours, not the regulator's: agencies charge statutory provisions, not technique names.

Outcome: the Southern District of Florida entered a judgment on August 12, 2024 as to Min Woo (Kevin) Kang after he consented to its entry. It resolves liability by consent and provides that any disgorgement, prejudgment interest and civil penalty will be decided on a later SEC motion; the document I read states no amounts, and I found no later order, so no money is recorded. I did not find a judgment for BKCoin Management, LLC or the relief defendant funds, so this record covers Kang only.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Ponzi schemes — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2023-03-06 Litigation release published
2. 2024-08-12 Consent judgment as to Min Woo (Kevin) Kang (S.D. Fla.); monetary relief reserved

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEC litigation release
• Judgment as to Min Woo Kang

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added September 10, 2026. submit a correction.