SEC v. Jae Cheol Oh (2022)

Settled

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In June 2022 the SEC settled with Jae Cheol Oh, chairman and CEO of I-ON Digital Corp., finding he caused the company to violate the personal-loan ban in Section 13(k) by having its subsidiary guarantee his personal bank debts. He agreed to a $150,000 penalty and undertakings. The case does not concern a reverse-merger scheme.

The record

What was ordered

Civil penalty

$150k

Disgorgement

—

Prejudgment interest

—

Total relief

$150k

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 instituted and settled this proceeding on June 8, 2022 (Exchange Act release 95072), without admission or denial by Oh.

The order finds that when I-ON Digital, a Seoul-based software company, became an SEC registrant in February 2018, Oh arranged for its subsidiary to guarantee the balance of about $1.5 million of loans he had taken from Korean banks a decade earlier and for the company to restrict cash as collateral, at year-ends between about $1.6 million and $1.7 million, or 39 to 55 per cent of its cash. He signed reports acknowledging the arrangement might violate Section 13(k) and continued after SEC staff raised concerns in October 2020. The company's early-2018 reverse merger is background only, so the reverse-merger tag is removed.

Oh was ordered to cease and desist from Section 13(k), to pay a $150,000 civil penalty and to undertake to end the guarantees and the restricted cash.

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

1. 2022-06-08 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.