RK&O secures dismissal of SEC charges for William Uchimoto

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March 28, 2017

Judge Castel of the Southern District of New York has issued a 66-page opinion dismissing all of the SEC’s claims against RK&O client and former Buchanan Ingersoll partner William Uchimoto.  Mr. Uchimoto had been named in an SEC suit against Benjamin Wey, the head of New York Global Group, who is alleged to have participated in a scheme to manipulate the stock prices of Chinese companies that had accessed US capital markets via reverse mergers and to have misled underwriters, the NASDAQ and others in order to profit from the scheme.

The Court ruled on the papers, without oral argument, and after an extensive briefing process that involved a lengthy pre-motion letter, an initial motion to dismiss (to which the SEC responded by amending its complaint), and a second motion to dismiss.  Judge Castel specifically found that the SEC had made no allegations that Mr. Uchimoto had actual knowledge of Mr. Wey’s alleged stock manipulation scheme. The RK&O team was led by Daniel Zinman, Rowan Gaither, Margaret Meyers and Stephanie Tsay.

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