SEC v. Kit Mun Chan, Lau Kean Chong, Chong Poui Fan, Binji Lu, and Youn Chien Wong (matched orders, 2020)

Judgment entered

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In February 2020, a New York federal court entered final judgments against five foreign traders accused of entering matched orders in Medico International (MDDT) stock, ordering about US$1.15 million in disgorgement, interest and civil penalties.

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 February 21, 2020 as release LR-24746. The respondents named are Kit Mun Chan, Lau Kean Chong, Chong Poui Fan, Binji Lu and Youn Chien Wong (5 individuals, 0 entities).

The SEC alleged that traders in China, Singapore and Malaysia entered buy and sell orders for MDDT at nearly the same times, sizes and prices, that their trades made up 70 percent of the volume over the period, and that IP records suggest at least three accounts were used by the same person or people. Lau Kean Chong consented; the other four judgments were by default.

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.

Chong: disgorgement of $151,957, interest of $1,523.73 and a $17,000 penalty. Lu: disgorgement of $144,772.20 and interest of $3,049.52. Wong: disgorgement of $67,965.20 and interest of $1,431.64. Chan, Fan, Lu and Wong: a $189,427 penalty each. The record totals $364,694 in disgorgement and $774,708 in penalties.

The court entered permanent injunctions and penny stock bars; four judgments were by default.

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. 2020-02-21 Litigation release published

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

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.