SEC v. SogoTrade, Inc. (2024)

Settled

Checked against the primary document on October 3, 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.

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In December 2024 the Securities and Exchange Commission settled with the broker-dealer SogoTrade, finding that from May 2019 to October 2023 it failed to file suspicious activity reports on customers' suspicious activity and failed to follow its own identity-verification procedures. SogoTrade agreed to a censure and a $125,000 penalty payable in instalments. The order concerns anti-money-laundering failures and does not find insider trading.

The record

Structured fields for this action, as recorded in our case library.
Agency	SEC
Release number	34-101936
Date filed	2024-12-17
Date resolved	2024-12-17
Status	settled
Venue	OTC
Criminal parallel	No
Defendants	SogoTrade, Inc. (entity)
Techniques

What was ordered

Civil penalty: $125k
Disgorgement: —
Prejudgment interest: —
Total relief: $125k
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 issued this settled order on December 17, 2024 (Release No. 34-101936, File No. 3-22363). The only respondent is SogoTrade, Inc.; its anti-money-laundering compliance officer, David Chong Kyi, is described in the order but is not a respondent.

The order cites Section 17(a) of the Exchange Act and Rule 17a-8, covering suspicious activity reporting and the customer identification program, for an online brokerage with about 24,000 mostly retail customers.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

Timeline

2024-12-17 Administrative proceeding instituted (cease-and-desist)

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 order

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.

Record added September 10, 2026. submit a correction.