Following a Motion for Judgment filed on January 31st, Steven Chiang copped a $3.3 million judgment on February 1st.

As per his Nasgo judgment, Chiang is subject to an injunction prohibiting further securities fraud violations.

On the money side of things, Chiang

  • is liable for $2.5 million in disgorgement
  • will pay $603,773 in pre-judgment interest
  • will pay a $223,229 civil penalty

Together, the monetary component of Chiang’s Nasgo judgment comes to $3,331,586. Payment is due within thirty days of the February 1st filed order.

Chiang, aka Cyrus Kong, co-founded the Nasgo and Sharenode Ponzi scheme with Eric Tippetts in 2019.

Long after Nasgo collapsed, the SEC filed suit against Chiang and Tippetts in early 2022. Tippetts settled the SEC’s case against him in August 2022.

In addition to Chiang and Tippetts, the SEC also went after James Hardy (right) and Maurice “Butch” Chelliah.

Hardy and Chelliah assisted Tippetts and Chiang with defrauding consumers through Nasgo.

The SEC secured judgments against Chelliah and Hardy in December 2022 and March 2023 respectively.

Monetary judgments against Chelliah and Hardy are to be determined, pending additional filings by the SEC.