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This case was last updated from PACER on 06/14/2021 at 07:12:55 (UTC).

Securities & Exchange Commission v. Uboh et al

Case Summary

On April 15, 2021, the Securities and Exchange Commission (“Plaintiff”), represented by Richard R. Best, attorney at the SEC’s New York Regional Office, filed a civil enforcement action against Ubong Uboh (a/k/a Nedi Shupo, Frank Goldman, and Jonathan Goldman) (“Uboh”) and Tyler Crockett (a/k/a Dan Gibson and Dave Carroll) (“Crockett,” and collectively, the “Defendants”), seeking injunctive relief, disgorgement of all ill-gotten gains with prejudgment interest, for allegedly defrauding the investors by making material misrepresentation. This case was filed in the U.S. District Court for the Eastern District of New York with Judges Diane Gujarati and Vera M. Scanlon presiding. 

 

In its complaint, the Plaintiff alleged that “From approximately 2016 through 2018 (“the Relevant Period”), using fictitious names and backgrounds, the Defendants solicited investors to purchase shares of several microcap issuers (the “Issuers”) from a call room in Miami, Florida (the “Call Room”). Uboh and Crockett made material misrepresentations to investors about, among other things, the Issuers’ relationships with well-known financial institutions and their future prospects. In reality, the Issuers did not have any relationships with these institutions, and the Defendants had no basis to make predictions about the prospects of the Issuers. Many of the Issuers had undergone significant changes to their business plans and often had limited or no revenues or profits. After being solicited by the Defendants, retail investors, many of whom were senior citizens, purchased the Issuers’ stock. The investors have realized and unrealized losses totaling at least $1.1 million.”

 

The Plaintiff further alleged that “In addition to soliciting investors to purchase stock of the Issuers, in early 2018, Uboh and Crockett urged one of the Call Room investors (“Investor 1”) to purchase shares of a purported technology company (“Company A”) in a private offering. Uboh and Crockett told Investor 1 that Company A was in partnership with a well-known technology company (“Company B”) and would experience significant growth as a result of this relationship. Based on the Defendants’ false representations, Investor 1 invested $500,000 in Company A’s private placement. Defendants misappropriated Investor 1’s funds, instead of investing them in Company A.” 

 

There are two claims for relief laid down by the Plaintiff. The first claim for relief is for the alleged violation of Section 17(a) of the Securities Act. The second claim for relief is for the alleged violation of Section 10(b) of the Exchange Act and Rule 10b-5 thereunder. 

 

In its prayer for relief, the Plaintiff has requested the court to permanently enjoin the Defendants from future violations of the securities laws provisions that the Defendants violated as alleged in this Complaint; to order the Defendants to disgorge all ill-gotten gains and to pay prejudgment interest on those amounts; to impose civil money penalties on the Defendants and permanently prohibit the Defendants from participating in any offering of penny stock, including engaging in activities with a broker, dealer, or issuer for purposes of issuing, trading, or inducing or attempting to induce the purchase or sale of any penny stock, under Exchange Act Section 21(d)(6) [15 U.S.C. § 78u(d)(6)].

 

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Case Details Parties Documents Dockets

 

Case Details

  • Case Number:

    1:21-CV-02049

  • Filing Date:

    04/15/2021

  • Case Status:

    Pending - Other Pending

  • Case Type:

    Finance - Security/Commodity/Exchange

  • Court:

    U.S. District Courts

  • Courthouse:

    New York Eastern District

Judge Details

Presiding Judges

Diane Gujarati

Kiyo A. Matsumoto

Referral Judges

Vera M. Scanlon

Cheryl L. Pollak

 

Party Details

Plaintiff

Securities & Exchange Commission

Defendants

Tyler Crockett

Ubong Uboh

Attorney/Law Firm Details

Plaintiff Attorneys

Richard R. Best

Attorney at U.A. Securities and Exchange Commission

200 Vesey Street, Ste 400

New York, NY 10281

Alexander M. Vasilescu

Attorney at United States Securities and Exchange Commission

3 World Financial Center, Room 4300

New York, NY 10281-10022

 

Court Documents

#9

(#9) Letter addressing May 10 docket order by Securities & Exchange Commission (Vasilescu, Alexander) (Entered: 05/11/2021)

8 #1

*Restricted*

#8

(#8) Letter MOTION to Approve Consent Judgment by Securities & Exchange Commission. (Attachments: #1 Proposed Judgment) (Vasilescu, Alexander) (Entered: 05/07/2021)

#7

(#7) Letter regarding case being related to a criminal case by Securities & Exchange Commission (Vasilescu, Alexander) (Entered: 04/20/2021)

#6

(#6) NOTICE of Appearance by Alexander M. Vasilescu on behalf of Securities & Exchange Commission (aty to be noticed) (Vasilescu, Alexander) (Entered: 04/16/2021)

#5

(#5) This attorney case opening filing has been checked for quality control. See the attachment for corrections that were made, if any. (Bowens, Priscilla) (Entered: 04/15/2021)

#4

(#4) In accordance with Rule 73 of the Federal Rules of Civil Procedure and Local Rule 73.1, the parties are notified that if all parties consent a United States magistrate judge of this court is available to conduct all proceedings in this civil action including a (jury or nonjury) trial and to order the entry of a final judgment. Attached to the Notice is a blank copy of the consent form that should be filled out, signed and filed electronically only if all parties wish to consent. The form may also be accessed at the following link: #http://www.uscourts.gov/uscourts/FormsAndFees/Forms/AO085.pdf. You may withhold your consent without adverse substantive consequences. Do NOT return or file the consent unless all parties have signed the consent. (Bowens, Priscilla) (Entered: 04/15/2021)

#3

(#3) Proposed Summons. Re #1 Complaint by Securities & Exchange Commission (Best, Richard) (Entered: 04/15/2021)

#2

(#2) Civil Cover Sheet.. Re #1 Complaint by Securities & Exchange Commission (Best, Richard) (Entered: 04/15/2021)

#1

(#1) COMPLAINT against Tyler Crockett, Ubong Uboh Was the Disclosure Statement on Civil Cover Sheet completed -YES,, filed by Securities & Exchange Commission. (Best, Richard) (Entered: 04/15/2021)

 

Docket Entries

  • 05/11/2021
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  • Docket(#9) Letter addressing May 10 docket order by Securities & Exchange Commission (Vasilescu, Alexander) (Entered: 05/11/2021)

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  • 05/10/2021
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  • DocketORDER deferring ruling on #8 Motion to Approve Consent Judgment (doc. 8-1). The court VACATES its earlier order entered today, 5/10/21, ordering that Plaintiff provide information regarding the criminal action referred to in paragraph 2 of the "Consent of Defendant Tyler Crockett" (doc 8-1 at page 5), which was attached to Plaintiff's Motion to Approve Consent Judgment. The criminal case referred to in paragraph 2 (doc. 8-1 at page 5) appears to be UNDER SEAL, and it appears that plaintiff may have revealed sealed information from that criminal case. Consequently, the court ORDERS that pages 5 through 11 of document 8-1 be sealed, and that plaintiff explain no later than May 11, 2021, its views as to whether the content of paragraph 2 was disclosed in violation of the court's sealing order in the criminal action.Ordered by Judge Kiyo A. Matsumoto on 5/10/2021. (Matsumoto, Kiyo) (Entered: 05/10/2021)

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  • 05/10/2021
  • DocketORDER: The SEC is Ordered to advise the Court whether Tyler Crockett has pleaded guilty in the criminal case referenced at paragraph 1 of the "Consent of Defendant Tyler Crockett" (ECF 8-1). If he has pleaded guilty, the SEC shall inform the court of the information missing from paragraph 1 of the "Consent of Defendant Tyler Crockett". Ordered by Judge Kiyo A. Matsumoto on 5/10/2021. (Williams-Jackson, Sandra) (Entered: 05/10/2021)

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  • 05/07/2021
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  • Docket(#8) Letter MOTION to Approve Consent Judgment by Securities & Exchange Commission. (Attachments: #1 Proposed Judgment) (Vasilescu, Alexander) (Entered: 05/07/2021)

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  • 04/22/2021
  • DocketORDER REASSIGNING CASE. Case reassigned to Judge Kiyo A. Matsumoto and Chief Magistrate Cheryl L. Pollak for all further proceedings. Judge Diane Gujarati, Magistrate Judge Vera M. Scanlon no longer assigned to case Please download and review the Individual Practices of the assigned Judges, located on our #website. Attorneys are responsible for providing courtesy copies to judges where their Individual Practices require such. Ordered by Chief Judge Margo K. Brodie on 4/22/2021. (Bowens, Priscilla) (Entered: 04/22/2021)

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  • 04/20/2021
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  • Docket(#7) Letter regarding case being related to a criminal case by Securities & Exchange Commission (Vasilescu, Alexander) (Entered: 04/20/2021)

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  • 04/16/2021
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  • Docket(#6) NOTICE of Appearance by Alexander M. Vasilescu on behalf of Securities & Exchange Commission (aty to be noticed) (Vasilescu, Alexander) (Entered: 04/16/2021)

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  • 04/15/2021
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  • Docket(#5) This attorney case opening filing has been checked for quality control. See the attachment for corrections that were made, if any. (Bowens, Priscilla) (Entered: 04/15/2021)

    Read MoreRead Less
  • 04/15/2021
  • View Court Documents
  • Docket(#4) In accordance with Rule 73 of the Federal Rules of Civil Procedure and Local Rule 73.1, the parties are notified that if all parties consent a United States magistrate judge of this court is available to conduct all proceedings in this civil action including a (jury or nonjury) trial and to order the entry of a final judgment. Attached to the Notice is a blank copy of the consent form that should be filled out, signed and filed electronically only if all parties wish to consent. The form may also be accessed at the following link: #http://www.uscourts.gov/uscourts/FormsAndFees/Forms/AO085.pdf. You may withhold your consent without adverse substantive consequences. Do NOT return or file the consent unless all parties have signed the consent. (Bowens, Priscilla) (Entered: 04/15/2021)

    Read MoreRead Less
  • 04/15/2021
  • DocketCase Assigned to Judge Diane Gujarati and Magistrate Judge Vera M. Scanlon. Please download and review the Individual Practices of the assigned Judges, located on our #website. Attorneys are responsible for providing courtesy copies to judges where their Individual Practices require such. (Bowens, Priscilla) (Entered: 04/15/2021)

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  • 04/15/2021
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  • Docket(#3) Proposed Summons. Re #1 Complaint by Securities & Exchange Commission (Best, Richard) (Entered: 04/15/2021)

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  • 04/15/2021
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  • Docket(#2) Civil Cover Sheet.. Re #1 Complaint by Securities & Exchange Commission (Best, Richard) (Entered: 04/15/2021)

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  • 04/15/2021
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  • Docket(#1) COMPLAINT against Tyler Crockett, Ubong Uboh Was the Disclosure Statement on Civil Cover Sheet completed -YES,, filed by Securities & Exchange Commission. (Best, Richard) (Entered: 04/15/2021)

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