SEC Obtains Order of Permanent Injunction and Sanctions in Case Charging Multiple Offering Frauds

Defendants allegedly fraudulently lured people into buying memberships in a program they claimed was a referral network that could be used to earn income from multi-level marketing companies without having to do any work. The alleged scheme raised more than $3 million from over 5,600 investors throughout the United States and in various foreign countries. The SEC further alleged that defendants sold investment contracts in TeamVinh itself, promising investors a percentage of profits, and that they sought investments in a purported commodities trading platform run by Le, guaranteeing 5% weekly returns. Investors allegedly never received the promised payments, and Le misappropriated the overwhelming majority of investor money to fund his own lavish lifestyle.