SEC v. Thor Technologies, Inc.; and David Chin, No. 3:22-cv-09043, Northern District of California (Oct. 19, 2023) — Judgment

[Proposed] Final Judgment Against Defendants
CASE NO. 3:22-CV-09043
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MONIQUE C. WINKLER (Cal. Bar No. 213031)
  [email protected]
JEREMY E. PENDREY (Cal. Bar No. 187075)
  [email protected]
MARC D. KATZ (Cal. Bar No. 189534)
  [email protected]
RUTH L. HAWLEY (Cal. Bar No. 253112)
  [email protected]
ERIN E. WILK (Cal. Bar No. 310214)
  [email protected]
Attorneys for Plaintiff
SECURITIES AND EXCHANGE CO
MMISSION
44 Montgomery Street, Suite 2800
San Francisco, CA 94104
(415) 705-2500 (Telephone)
(415) 705-2501 (Facsimile)
UNITED STATES DISTRICT COURT
NORTHERN DISTRI
CT OF CALIFORNIA
SAN FRANCISCO DIVISION
SECURITIES AND EXCHANGE
COMMISSION,
Plai
ntiff,
v.
THOR TECHNOLOGIES, INC. and DAVID
CHIN,
Defendants.
Case No. 3:22-cv-09043-CRB
[Proposed] Final Judgment Against
Defendants Thor Technologies, Inc. and
David Chin

[Proposed] Final Judgment Against Defendants
C
ASE NO. 3:22-CV-09043
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This matter came before the Court on the motion of Plaintiff Securities and Exchange
Commission (the “SEC” or “Commission”) for judgment by default as to the Defendants Thor
Technologies, Inc. (“Thor”) and David Chin (“Chin”) (together, “Defendants”).  The Court
received and considered the SEC’s Complaint, Motion for Default Judgment, and all other
evidence and argument presented to the Court.
Good cause appearing, the Court grants the Commission’s Motion for Default Judgment,
and further ORDERS as follows:
I.
IT IS HEREBY ORDERED, ADJUDGED, AND DECREED that Defendants are
permanently restrained and enjoined from violating Sections 5(a) and 5(c) of the Securities Act of
1933 (“Securities Act”) [15 U.S.C. §§ 77e(a) and 77e(c)] by, directly or indirectly, in the absence
of any applicable exemption:
(a)Unless a registration statement is in effect as to a security, making use of any means
or instruments of transportation or communication in interstate commerce or of the
mails to sell such security through the use or medium of any prospectus or
otherwise; or
(c)Making use of any means or instruments of transportation or communication in
interstate commerce or of the mails to offer to sell or offer to buy through the use or
medium of any prospectus or otherwise any security, unless a registration statement
has been filed with the Commission as to such security, or while the registration
statement is the subject of a refusal order or stop order or (prior to the effective date
of the registration statement) any public proceeding or examination under Section 8
of the Securities Act [15 U.S.C. § 77h].
IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in Federal
Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who receive
actual notice of this Final Judgment by personal service or otherwise:  (a) Defendants’ officers,
agents, servants, employees, and attorneys; and (b) other persons in active concert or participation
with Defendants or with anyone described in (a).

[Proposed] Final Judgment Against Defendants
C
ASE NO. 3:22-CV-09043
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II.
IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that pursuant to Section
21(d)(5) of the Securities Exchange Act of 1934 [15 U.S.C. § 78u(d)(5)], Defendants Thor and
Chin are permanently restrained and enjoined from participating, directly or indirectly, in any
crypto asset securities offering; provided, however, that such injunction shall not prevent
Defendant Chin from purchasing or selling securities, including crypto asset securities, for his own
personal account.
IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in Federal
Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who receive
actual
notice of this Final Judgment by personal service or otherwise:  (a) Defendants’ officers,
agents, servants, employees, and attorneys; and (b) other persons in active concert or participation
with Defendants or with anyone described in (a).
III.
IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that: (1)
Defendant Chin is liable for a civil monetary penalty in the amount of $150,000 pursuant to
Section 20(d) of the Securities Act [15 U.S.C. § 77t(d)]; and (2) Defendant Thor is liable for
disgorgement of $744,555, representing net profits gained as a result of the conduct alleged in the
Complaint, together with prejudgment interest thereon in the amount of $158,638.06, and a civil
penalty in the amount of $150,000 pursuant to Section 20(d) of the Securities Act [15 U.S.C. §
77t(d)].  Defendant Chin and Defendant Thor shall satisfy these obligation by paying $150,000 and
$1,053,193.06, respectively, to the Securities and Exchange Commission within 30 days after
entry of this Final Judgment.
Defendants may transmit payment electronically to the Commission, which will provide
detailed ACH transfer/Fedwire instructions upon request.  Payment may also be made directly
from a bank account via Pay.gov through the SEC website at
h
ttp://www.sec.gov/about/offices/ofm.htm.  Defendants may also pay by certified check, bank
cashier’s check, or United States postal money order payable to the Securities and Exchange
Commission, which shall be delivered or mailed to:

[Proposed] Final Judgment Against Defendants
C
ASE NO. 3:22-CV-09043
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Enterprise Services Center
Accounts Receivable Branch
6500 South MacArthur Boulevard
Oklahoma City, OK 73169
and shall be accompanied by a letter identifying the case title, civil action number, and name of
this Court; Thor Technologies, Inc. or David Chin as a defendant in this action; and specifying that
payment is made pursuant to this Final Judgment.
Defendants shall simultaneously transmit photocopies of evidence of payment and case
identifying information to the Commission’s counsel in this action.  By making this payment,
Defendants relinquish all legal and equitable right, title, and interest in such funds and no part of
the funds shall be returned to Defendants.
The Commission may enforce the Court’s judgment for disgorgement and prejudgment
interest by using all collection procedures authorized by law, including, but not limited to, moving
for civil contempt at any time after 30 days following entry of this Final Judgment.  The
Commission may enforce the Court’s judgment for penalties by the use of all collection procedures
authorized by law, including the Federal Debt Collection Procedures Act, 28 U.S.C. § 3001 et seq.,
and moving for civil contempt for the violation of any Court orders issued in this action.
Defendants shall pay post judgment interest on any amounts due after 30 days of the entry of this
Final Judgment pursuant to 28 U.S.C. § 1961.
IV.
IT IS FURTHER ORDERED, ADJUDGED, AND DECR
EED that this Court shall retain
jurisdiction of this matter for the purposes of enforcing the terms of this Final Judgment.
Dated:  ______________, _____
UNITED STATES DISTRICT JUDGE
October 28
2023

[Proposed] Final Judgment Against Defendants 
CASE NO. 3:22-CV-09043 

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MONIQUE C. WINKLER (Cal. Bar No. 213031)  
  [email protected] 
JEREMY E. PENDREY (Cal. Bar No. 187075) 
  [email protected] 
MARC D. KATZ (Cal. Bar No. 189534) 
  [email protected] 
RUTH L. HAWLEY (Cal. Bar No. 253112)  
  [email protected] 
ERIN E. WILK (Cal. Bar No. 310214)  
  [email protected] 

Attorneys for Plaintiff 
SECURITIES AND EXCHANGE COMMISSION 
44 Montgomery Street, Suite 2800 
San Francisco, CA 94104 
(415) 705-2500 (Telephone)
(415) 705-2501 (Facsimile)

UNITED STATES DISTRICT COURT 

NORTHERN DISTRICT OF CALIFORNIA 

SAN FRANCISCO DIVISION 

SECURITIES AND EXCHANGE 
COMMISSION, 

Plaintiff, 

v. 

THOR TECHNOLOGIES, INC. and DAVID 
CHIN, 

Defendants. 

Case No. 3:22-cv-09043-CRB 

[Proposed] Final Judgment Against 
Defendants Thor Technologies, Inc. and 
David Chin 

Case 3:22-cv-09043-CRB   Document 23   Filed 10/18/23   Page 1 of 4



[Proposed] Final Judgment Against Defendants 
CASE NO. 3:22-CV-09043 

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This matter came before the Court on the motion of Plaintiff Securities and Exchange 

Commission (the “SEC” or “Commission”) for judgment by default as to the Defendants Thor 

Technologies, Inc. (“Thor”) and David Chin (“Chin”) (together, “Defendants”).  The Court 

received and considered the SEC’s Complaint, Motion for Default Judgment, and all other 

evidence and argument presented to the Court. 

Good cause appearing, the Court grants the Commission’s Motion for Default Judgment, 

and further ORDERS as follows: 

I. 

IT IS HEREBY ORDERED, ADJUDGED, AND DECREED that Defendants are 

permanently restrained and enjoined from violating Sections 5(a) and 5(c) of the Securities Act of 

1933 (“Securities Act”) [15 U.S.C. §§ 77e(a) and 77e(c)] by, directly or indirectly, in the absence 

of any applicable exemption: 

(a) Unless a registration statement is in effect as to a security, making use of any means

or instruments of transportation or communication in interstate commerce or of the

mails to sell such security through the use or medium of any prospectus or

otherwise; or

(c) Making use of any means or instruments of transportation or communication in

interstate commerce or of the mails to offer to sell or offer to buy through the use or

medium of any prospectus or otherwise any security, unless a registration statement

has been filed with the Commission as to such security, or while the registration

statement is the subject of a refusal order or stop order or (prior to the effective date

of the registration statement) any public proceeding or examination under Section 8

of the Securities Act [15 U.S.C. § 77h].

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in Federal 

Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who receive 

actual notice of this Final Judgment by personal service or otherwise:  (a) Defendants’ officers, 

agents, servants, employees, and attorneys; and (b) other persons in active concert or participation 

with Defendants or with anyone described in (a). 

Case 3:22-cv-09043-CRB   Document 23   Filed 10/18/23   Page 2 of 4



[Proposed] Final Judgment Against Defendants 
CASE NO. 3:22-CV-09043 

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II. 

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that pursuant to Section 

21(d)(5) of the Securities Exchange Act of 1934 [15 U.S.C. § 78u(d)(5)], Defendants Thor and 

Chin are permanently restrained and enjoined from participating, directly or indirectly, in any 

crypto asset securities offering; provided, however, that such injunction shall not prevent 

Defendant Chin from purchasing or selling securities, including crypto asset securities, for his own 

personal account. 

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in Federal 

Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who receive 

actual notice of this Final Judgment by personal service or otherwise:  (a) Defendants’ officers, 

agents, servants, employees, and attorneys; and (b) other persons in active concert or participation 

with Defendants or with anyone described in (a). 

III. 

IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that: (1) 

Defendant Chin is liable for a civil monetary penalty in the amount of $150,000 pursuant to 

Section 20(d) of the Securities Act [15 U.S.C. § 77t(d)]; and (2) Defendant Thor is liable for 

disgorgement of $744,555, representing net profits gained as a result of the conduct alleged in the 

Complaint, together with prejudgment interest thereon in the amount of $158,638.06, and a civil 

penalty in the amount of $150,000 pursuant to Section 20(d) of the Securities Act [15 U.S.C. § 

77t(d)].  Defendant Chin and Defendant Thor shall satisfy these obligation by paying $150,000 and 

$1,053,193.06, respectively, to the Securities and Exchange Commission within 30 days after 

entry of this Final Judgment. 

Defendants may transmit payment electronically to the Commission, which will provide 

detailed ACH transfer/Fedwire instructions upon request.  Payment may also be made directly 

from a bank account via Pay.gov through the SEC website at 

http://www.sec.gov/about/offices/ofm.htm.  Defendants may also pay by certified check, bank 

cashier’s check, or United States postal money order payable to the Securities and Exchange 

Commission, which shall be delivered or mailed to:  

Case 3:22-cv-09043-CRB   Document 23   Filed 10/18/23   Page 3 of 4



[Proposed] Final Judgment Against Defendants 
CASE NO. 3:22-CV-09043 

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Enterprise Services Center 
Accounts Receivable Branch 
6500 South MacArthur Boulevard 
Oklahoma City, OK 73169 

and shall be accompanied by a letter identifying the case title, civil action number, and name of 

this Court; Thor Technologies, Inc. or David Chin as a defendant in this action; and specifying that 

payment is made pursuant to this Final Judgment.   

Defendants shall simultaneously transmit photocopies of evidence of payment and case 

identifying information to the Commission’s counsel in this action.  By making this payment, 

Defendants relinquish all legal and equitable right, title, and interest in such funds and no part of 

the funds shall be returned to Defendants.   

The Commission may enforce the Court’s judgment for disgorgement and prejudgment 

interest by using all collection procedures authorized by law, including, but not limited to, moving 

for civil contempt at any time after 30 days following entry of this Final Judgment.  The 

Commission may enforce the Court’s judgment for penalties by the use of all collection procedures 

authorized by law, including the Federal Debt Collection Procedures Act, 28 U.S.C. § 3001 et seq., 

and moving for civil contempt for the violation of any Court orders issued in this action. 

Defendants shall pay post judgment interest on any amounts due after 30 days of the entry of this 

Final Judgment pursuant to 28 U.S.C. § 1961.   

IV. 

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that this Court shall retain 

jurisdiction of this matter for the purposes of enforcing the terms of this Final Judgment. 

Dated:  ______________, _____ 

UNITED STATES DISTRICT JUDGE 

October 28 2023

Case 3:22-cv-09043-CRB   Document 23   Filed 10/18/23   Page 4 of 4