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Forex Trader Used Investor Cash on BTS Concert Tickets, SEC Says

April 13, 2022, 7:47 PM

The co-founder of a management firm raised around $16.5 million from investors, then spent about a quarter of the funds on gambling and BTS concert tickets, the SEC alleges Wednesday in federal court in Wisconsin.

Kay Yang used Xapphire LLC for the unregistered offer and sale of securities, saying she would use the funds for foreign exchange trading and generate between 20% and 50% returns per year for investors, according to the Securities and Exchange Commission complaint filed in the U.S. District Court for the Eastern District of Wisconsin.

Less than half of the investor funds actually went toward foreign ...