SEC v. Kit Mun Chan, Lau Kean Chong, Chong Poui Fan, Binji Lu, and Youn Chien Wong (matched orders, 2019)

Judgment entered

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In June 2019 the SEC charged five traders in China, Singapore and Malaysia with manipulating Medico International stock through matched orders. On 11 February 2020 a New York federal court entered final judgments against all five, one by consent and four by default, ordering $1,145,407 in total monetary remedies and penny stock bars. The release says the defendants' trades made up about 70% of the volume in the period.

The record

What was ordered

Civil penalty

$775k

Disgorgement

$365k

Prejudgment interest

$6k

Total relief

$1.1m

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 June 21, 2019 as release LR-24506. The respondents named are Kit Mun Chan, Lau Kean Chong, Chong Poui Fan, Binji Lu and Youn Chien Wong (5 individuals, 0 entities). The action was brought in the U.S. District Court, Southern District of New York.

This library tags the matter as matched orders, based on the conduct the regulator describes. Each tag links to a page explaining how that technique works, what statute it engages, and what penalties comparable actions have attracted. The tagging is ours, not the regulator's: agencies charge statutory provisions, not technique names.

The conduct is recorded against equities.

Outcome. An SEC release dated 21 February 2020 says the Southern District of New York entered final judgments on 11 February 2020 against all five defendants: Chong by consent, without admitting or denying, and Chan, Fan, Lu and Wong by default. All five are enjoined from market manipulation and barred from penny stock offerings, and four are also enjoined from antifraud violations. The monetary remedies the release lists total $1,145,407: civil penalties of $17,000 (Chong) and $189,427 each for the other four, disgorgement of $151,957, $144,772.20 and $67,965.20 (Chong, Lu, Wong), and prejudgment interest of $1,523.73, $3,049.52 and $1,431.64. The record's fields hold the sums. Four of the judgments are defaults rather than findings after trial.

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.

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

Timeline

1. 2019-06-21 Litigation release published
2. 2020-02-11 Final judgments entered against all five defendants (one by consent, four by default)

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
• SEC litigation release 24746 (final judgments)

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.

Same matter

The library links these 2 records because they appear to concern one matter: the same lead defendant, an overlapping technique tag and close filing dates, or a shared court docket or a release that cites the other. Records are listed by date filed.

This grouping is the library's, made by matching names, techniques, dates and citations when the site is built. It is not the regulator's or a court's determination that the records are one case, and it errs towards missing a link rather than making a false one.

Related actions

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

Record added September 10, 2026. submit a correction.