SEC v. Nancy Shao Wen Chu, Case No. CV 11-09859 (C.D. Cal.). On August 10, 2012, the SEC announced that it had obtained a default judgment against that Nancy Shao Wen Chu, the former CFO for Soyo Group, Inc., ordering her to pay $15,600,000 in penalties. Defendant Eric Jon Strasser, who also defaulted, was ordered to pay a penalty of $260,000. Soyo, through the actions of Chu and another defendant, booked over $47 million in fraudulent sales revenues arising from around 120 fictitious transactions. The scheme had the effect of nearly doubling Soyo’s net revenues. Chu was involved in the fake sales transactions and hid the scheme from the Company’s auditor. Strasser prepared Soyo’s SEC filings and knew that Soyo’s financial statements contained false information.
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