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

Defendant Type: Public Company

Document Reference: 2024-94

Document Details

Legal Case Name In the Matter of Ideanomics, Inc. (f/k/a Seven Stars Cloud Group, Inc.), Alfred Poor, and Federico Tovar
Document Name SEC Charges Ideanomics and Three Senior Executives with Accounting and Disclosure Fraud
Document Date 09-Aug-2024
Document Format Administrative Proceeding
File Number 3-21988
Allegation Type Issuer Reporting and Disclosure
Document Summary 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."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Compliance Related Independent Consultant
Monetary Penalties:

Civil Penalty

Individual:     $1,400,000.00 Shared:    

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."

Other Defendants in Action:

Alfred Poor
Federico Tovar

Related Actions:

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