Investment Adviser Violated Fund Allocation Policy, SEC Says

Upright Financial Corp. defrauded investors by concentrating more mutual fund investments in the semiconductor industry than its policy allowed, the SEC alleges.

The East Hanover, N.J.-based investment advisory firm and its owner, David Yow Shang Chiueh, also violated a 2021 settlement with the Securities and Exchange Commission over the same issue, according to the complaint. The SEC filed its suit Monday in the US District Court for the District of New Jersey.

The misconduct, lasting from November 2021 into June 2024, caused about $1.6 million in losses, the commission says. Meanwhile, the company and its principal “collected advisory fees of ...