BROOKLYN — A federal court in New York granted final judgment to the Securities and Exchange Commission and ordered iFresh, a chain of Asian shopping markets on the East Coast, to disgorge over $1 million in ill-gotten gains and to pay more than $650,000 in penalties and interest after settling claims for securities violations. The chain did not tell investors about its payments of over $12 million to third parties controlled by the company’s owner and his brother.
Read the ruling here.
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