David Yow Shang Chiueh; Upright Financial Corp.

The U.S. Securities and Exchange Commission (SEC) filed charges against David Yow Shang Chiueh and his firm, Upright Financial Corp., for fraud and other violations related to investing in a single company over multiple years, causing losses of $1.6 million. The defendants were previously ordered to stop this conduct but continued their fraud, breaching fiduciary duties. The SEC's complaint alleges further misconduct, including operating the fund's board without required independent trustees and misrepresenting independence in filings. Charges include violating various securities laws, with penalties sought for permanent injunctive relief, return of ill-gotten gains, and civil penalties.