Defendant Name: Ideanomics, Inc. (f/k/a Seven Star Cloud Group, Inc.)

Defendant Type: Public Company
SIC Code: 5990
CUSIP: 45166V20

Initial Case Details

Legal Case Name In the Matter of Ideanomics, Inc. (f/k/a Seven Stars Cloud Group, Inc.), Alfred P. Poor, and Federico Tovar
First Document Date 09-Aug-2024
Initial Filing Format Administrative Action
File Number 3-21988
Allegation Type Issuer Reporting and Disclosure

Violations Alleged

Exchange Act
• Sec 10(b) + Rule 10b-5
• Rule 12b-20
• Sec 13(a)
• Rule 13a-1
• Rule 13a-13
• Rule 13a-15
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)
• Sec 14(a)
• Rule 14a-9
Securities Act
• Sec 17(a) (Not specified)
Additionally, Alfred Poor is alleged to have caused Ideanomics, Inc. (f/k/a Seven Star Cloud Group, Inc.)'s violation of Rule 12b-20 of the Exchange Act.
Federico Tovar is alleged to have caused Ideanomics, Inc. (f/k/a Seven Star Cloud Group, Inc.)'s violation of Rule 12b-20 of the Exchange Act.
Alfred Poor is alleged to have caused Ideanomics, Inc. (f/k/a Seven Star Cloud Group, Inc.)'s violation of Sec 13(a) of the Exchange Act.
Federico Tovar is alleged to have caused Ideanomics, Inc. (f/k/a Seven Star Cloud Group, Inc.)'s violation of Sec 13(a) of the Exchange Act.
Alfred Poor is alleged to have caused Ideanomics, Inc. (f/k/a Seven Star Cloud Group, Inc.)'s violation of Rule 13a-1 of the Exchange Act.
Federico Tovar is alleged to have caused Ideanomics, Inc. (f/k/a Seven Star Cloud Group, Inc.)'s violation of Rule 13a-1 of the Exchange Act.
Alfred Poor is alleged to have caused Ideanomics, Inc. (f/k/a Seven Star Cloud Group, Inc.)'s violation of Rule 13a-13 of the Exchange Act.
Federico Tovar is alleged to have caused Ideanomics, Inc. (f/k/a Seven Star Cloud Group, Inc.)'s violation of Rule 13a-13 of the Exchange Act.
Alfred Poor is alleged to have caused Ideanomics, Inc. (f/k/a Seven Star Cloud Group, Inc.)'s violation of Rule 13a-15 of the Exchange Act.
Federico Tovar is alleged to have caused Ideanomics, Inc. (f/k/a Seven Star Cloud Group, Inc.)'s violation of Rule 13a-15 of the Exchange Act.
Alfred Poor is alleged to have caused Ideanomics, Inc. (f/k/a Seven Star Cloud Group, Inc.)'s violation of Sec 13(b)(2)(A) of the Exchange Act.
Federico Tovar is alleged to have caused Ideanomics, Inc. (f/k/a Seven Star Cloud Group, Inc.)'s violation of Sec 13(b)(2)(A) of the Exchange Act.
Alfred Poor is alleged to have caused Ideanomics, Inc. (f/k/a Seven Star Cloud Group, Inc.)'s violation of Sec 13(b)(2)(B) of the Exchange Act.
Federico Tovar is alleged to have caused Ideanomics, Inc. (f/k/a Seven Star Cloud Group, Inc.)'s violation of Sec 13(b)(2)(B) of the Exchange Act.
Alfred Poor is alleged to have caused Ideanomics, Inc. (f/k/a Seven Star Cloud Group, Inc.)'s violation of Sec 17(a)(2) of the Securities Act.
Federico Tovar is alleged to have caused Ideanomics, Inc. (f/k/a Seven Star Cloud Group, Inc.)'s violation of Sec 17(a)(2) of the Securities Act.
Alfred Poor is alleged to have caused Ideanomics, Inc. (f/k/a Seven Star Cloud Group, Inc.)'s violation of Sec 17(a)(3) of the Securities Act.
Federico Tovar is alleged to have caused Ideanomics, Inc. (f/k/a Seven Star Cloud Group, Inc.)'s violation of Sec 17(a)(3) of the Securities Act.

Resolutions

First Resolution Date 09-Aug-2024
Headline Total Penalty and Disgorgement

See Related Documents

Related Documents:

33-11296 09-Aug-2024 Administrative Proceeding
Order Instituting Public Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933, Sections 4C and 21C of the Securities Exchange Act of 1934 and Rule 102(e) of the Commission's Rules of Practice, Making Findings, Imposing Remedial Sanctions and a Cease-and-Desist Order
On August 9, 2024, the SEC instituted settled administrative and cease-and-desist proceedings against Ideanomics, Inc., Alfred P. Poor, and Federico Tovar, stating: "These proceedings involve multiple acts of accounting and disclosure fraud by Ideanomics, a publicly traded company, and its senior management."
2024-94 09-Aug-2024 Press Release--Administrative Proceeding
SEC Charges Ideanomics and Three Senior Executives with Accounting and Disclosure Fraud
On August 9, 2024, the SEC "today announced settled fraud charges against Ideanomics, Inc., formerly known as Seven StarsCloud Group, Inc., and its former Chairman and CEO, Zheng (Bruno) Wu, for misleading the public about the company’s financial performance between 2017 and 2019. The SEC also announced settled charges against Ideanomics’ current CEO, Alfred Poor, and former CFO, Federico Tovar, for their roles in the scheme."

Other Defendants in Action:

Alfred Poor
Federico Tovar

Related Actions:

In the Matter of Zheng (Bruno) Wu
Zheng (Bruno) Wu