SEC v. Seong Yeol Lee and Ameritrust Corporation

Seong Yeol Lee and Ameritrust allegedly misled and stole funds from investors in the United States and the Republic of Korea between at least 2019 and 2023. Lee, either directly or through his recruiters, allegedly told investors that their money would be used to buy shares in a U.S.-based company that would be listed on a national stock exchange, guaranteeing profits for anyone holding the shares. According to the SEC’s complaint, Lee misappropriated investor funds by transferring money from corporate bank accounts to his personal bank accounts and to his family members. Lee also allegedly received or held investor funds in accounts of Beespoke Capital, an entity affiliated with Lee and Ameritrust.

Summary generated from official Securities and Exchange Commission press release