The U.S. Securities and Exchange Commission sued NineSquare Capital, its owner Brian Lam and other defendants Thursday in California Central District Court over alleged violations of federal securities laws. The court action accuses the defendants of running a fraudulent scheme targeting the Vietnamese-American community that raised $11.7 million through the sale of unregistered securities. Lawyers have not yet appeared for the defendants. The case is 2:22-cv-06831, Securities and Exchange Commission v. Lam et al.
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