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U.S. Securities and Exchange Commission v. Yang

United States District Court, N.D. Illinois, Eastern Division

February 3, 2014

U.S. SECURITIES AND EXCHANGE COMMISSION, Plaintiff,
v.
SIMING YANG, PRESTIGE TRADE INVESTMENTS LIMITED, CAIYIN FAN and SHUI CHONG (ERIC) CHANG, Defendants.

Robert R. Cohen, Frankel & Cohen, Chicago, IL, One of the Attorneys for Shui Chong (Eric) Chang.

Jedediah B. Forkner, U.S. Securities & Exchange Commission, Chicago, IL, One of the Attorneys for U.S. Securities & Exchange Commission.

JOINT MOTION FOR ENTRY OF FINAL JUDGMENT, BY CONSENT, AGAINST DEFENDANT SHUI CHONG (ERIC) CHANG AND ORDER DISBURSING FUNDS AND DISSOLVING ASSET FREEZE

MATTHEW F. KENNELLY, District Judge.

Plaintiff U.S. Securities and Exchange Commission (the "Commission") and Defendant Shui Chong (Eric) Chang") hereby jointly move for entry of a Final Judgment as to Chang in the form attached hereto as Exhibit A and an Order Disbursing Funds and Dissolving Asset Freeze in the form attached hereto as Exhibit C. In support of this motion, the Commission and Chang state as follows:

1. The Commission and Chang have reached a proposed settlement in this action, which would resolve the claims asserted against Chang.

2. Attached hereto as Exhibit A is a proposed Final Judgment as to Chang.

3. Attached hereto as Exhibit B is the executed Consent of Chang, in which he has agreed to the terms of the proposed Final Judgment and consented to its immediate entry.

4. The proposed Final Judgment provides for, among other things

a. a permanent injunction against Chang prohibiting him from future violations of the provisions of the federal securities laws that the Commission alleges Chang violated;

b. an order requiring Chang to pay disgorgement in the amount of $59, 965, plus prejudgment interest thereon in the amount of $3, 062.67; and

c. an order requiring Chang to pay a civil penalty in the amount of $59, 965.

5. Entry of the proposed Final Judgment as to Chang will further the interests of justice and judicial economy.

6. The Commission and Chang agree that the disgorgement, prejudgment interest and civil penalty required by the Final Judgment should be paid from the frozen assets held in Chang's brokerage account with E and that the asset freeze should be lifted in its entirety after the amounts due under the Final Judgment are paid. Attached hereto as Exhibit C is a proposed Order Disbursing Funds and Dissolving Asset Freeze that would give effect to the parties' agreement.

WHEREFORE, for the foregoing reasons, the Commission and Chang respectfully request that the Court grant this motion and enter the proposed Final Judgment as to Defendant Shui Chong (Eric a copy of which is attached hereto as Exhibit A, and the proposed Order Disbursing Funds and Dissolving Asset Freeze, a copy of which is attached hereto as Exhibit C.

Respectfully Submitted by,

FINAL JUDGMENT AS TO DEFENDANT SHUI CHONG (ERIC) CHANG

The Securities and Exchange Commission having filed a Complaint and Defendant Shui Chong (Eric over Defendant and the subject matter of this action; consented to entry of this Final Judgment without admitting or denying the allegations of the Complaint (except as to jurisdiction and except as otherwise provided herein in paragraph IV; waived ...


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