SEC Charges Luca International With Alleged $68M Ponzi Scheme

Today, the SEC announced that they have brought charges against Luca International, an oil and gas company that operates in the Bay Area, California. Government regulators allege that the company was operating as a Ponzi-like scheme and affinity fraud that ultimately stole and estimated $68 million from investors.  In addition to Luca International’s charges, the US government has filed charges against Luca CEO Binging Yang, for allegedly orchestrating the fraud and openly misleading investors on the state of the company.

CEO Yang allegedly overstated Luca International's oil reserves and investment returns

Detailed in the press release, the SEC details how Luca International was allegedly preying on Chinese-Americans and Chinese immigrants using...