Brothers to Each Pay SEC $741,000 in Securities Fraud Suit

Two brothers who allegedly ran a $16 million trading scheme must pay the US Securities and Exchange Commission over $270,000, a federal court ruled.

Akshay Kamboj and Dev Kamboj have to pay $268,663.40 in disgorgement and prejudgment interest to the SEC within the next 30 days, Judge Gregory H. Woods said in a default judgment Tuesday for the US District Court for the Southern District of New York. The SEC sued the Kamboj brothers in September 2024 for violations of federal securities laws, with several claims, including that they used fake trading data and forged audit reports to convince dozens ...