The sister of Wall Street financier Benjamin Wey, herself a defendant in the U.S. Securities and Exchange Commission’s action over fraud allegations, saw charges by regulators dropped yesterday, according to a filing in the U.S. District Court for the Southern District of New York Thursday.
Tianyi Wei—along with her brother and his wife—were accused of using nominees to secretly gain control of shell companies in August 2016. Chinese clients of Wey’s firm, New York Global Group, would then allegedly go through a reverse merger with the shell company. The three family members then gain an ownership stake in those now-merged client companies. This control allowed for secret profit and control of these companies through their network of foreign nominees.
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