SEC v. Vu Anh Nguyen, Adam Michael Reed and Anthony Xavier Moya (free riding and parking, 2020)

Settled

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In August 2020 the SEC charged Arizona resident Vu Anh Nguyen with free riding in 26 accounts at eight brokerage firms, causing over $1 million in losses, and charged Adam Reed and Anthony Moya with aiding him. Nguyen and Moya consented to injunctions and account restrictions; Reed's case continued.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

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Alleged gain

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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 on August 11, 2020 (litigation release 24864) a complaint filed in the District of Arizona.

The SEC alleged that in 2018 and 2019 Nguyen opened brokerage accounts and requested electronic transfers from bank accounts he knew lacked funds, then traded at once. He allegedly engaged in free riding in 26 accounts at eight firms, making $4.7 million in bogus transfers and buying over $16 million in securities, moved $61,888 out before accounts were frozen, and left the firms to settle losing trades at a loss of over $1 million. Reed and Moya allegedly gave him access to accounts they had opened. The charges are Section 10(b) and Rule 10b-5, and aiding and abetting.

Without admitting or denying, Nguyen and Moya consented to injunctions and to a bar on opening brokerage accounts without giving the broker the complaint and judgment; Nguyen also agreed not to trade in accounts lacking settled cash. The release does not give a result for Reed, and the SEC sought disgorgement from Nguyen and Reed. This library tags the matter as free riding because the conduct is trading without funds to cover the purchase. No money amounts were set at the date of the release.

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.

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.

• Free riding and parking — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2020-08-11 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.

Related actions

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

Record added September 10, 2026. submit a correction.