NY-AG v. Sungame Corp. and Chandran

Sungame Corp. and Neil Chandran allegedly ran a securities fraud scheme, lining their own pockets by scamming New Yorkers out of millions, according to NY-AG. Chandran allegedly induced unsuspecting investors into agreeing to purchase Tablets at $1,000 per unit, with the promise that the full purchase price would be returned in the form of a no-risk rebate. Chandran allegedly represented that every $1,000 Tablet purchase would entitle an investor to: (1) a full return of their investment principle; (2) an “education grant” equal to 50% of their investment; and (3) the option to either keep the Tablet or receive the profit once Sungame re-sold it to an end-user, according to NY-AG.

Summary generated from official New York Attorney General press release