U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 23432 / December 17, 2015
Securities and Exchange Commission v. Vu H. Le a/k/a Vinh H. Le and TeamVinh.com LLC, Civil Action No. 15-cv-04366 (D. Minn.)
SEC Charges Minnesota Man and His Company with Defrauding Investors
The Securities and Exchange Commission today announced that on December 15, 2015, it filed charges against Vu H. Le a/k/a Vinh H. Le and his company, TeamVinh.com LLC ("TeamVinh"), in connection with their fraudulent raising of more than $3 million from over 5,600 investors throughout the United States and in various foreign countries.
According to the SEC's complaint filed in federal court in Minnesota:
The SEC's complaint charges Le and TeamVinh with violations of Sections 5 and 17(a) of the Securities Act of 1933 ("Securities Act") and Section 10(b) and 20(a) of the Securities Exchange Act of 1934 ("Exchange Act"), and Exchange Act Rule 10b-5. The SEC's complaint seeks permanent injunctions, disgorgement, prejudgment interest, and civil penalties.