Background & Facts

The case arises from an SEC civil enforcement action against Ongkaruck Sripetch, who orchestrated a series of fraudulent "pump-and-dump" schemes involving penny-stock companies. Sripetch artificially inflated stock prices through manipulative trading and scalping campaigns before selling shares to unwitting investors at inflated prices .

Sripetch admitted to securities law violations and was sentenced to 21 months in prison in a related criminal case . In the civil proceeding, a California district court ordered him to pay over $2.251 million in disgorgement plus more than $1 million in prejudgment interest—totaling approximately $3.2 million . Critically, the court did not require the SEC to demonstrate that specific investors suffered pecuniary (financial) harm ...