SEC v. MICHAEL WEXLER, No. 3:20-cv-01864, Southern District of California (June 20, 2025) — Judgment
raw: SEC v. ONGKARUCK SRIPETCH; AMANDA
SEC v. ONGKARUCK SRIPETCH; AMANDA, No. 3:20-cv-01864 (June 20, 2025)
summary
The SEC obtained a final judgment against Michael Wexler for securities fraud involving market manipulation and misleading statements, resulting in permanent injunctions and financial penalties.
paragraph
The court found Michael Wexler liable for violating Sections 17(a) of the Securities Act and Section 10(b) of the Exchange Act. He was ordered to pay a total of $265,067.05, which includes $190,269.25 in disgorgement and $74,797.80 in prejudgment interest. The judgment also imposes a permanent bar against him serving as an officer or director of a reporting issuer and participating in penny stock offerings.
narrative
The U.S. Securities and Exchange Commission successfully obtained a final judgment against defendant Michael Wexler in the Southern District of California. The court found Wexler liable for violating the Securities Act of 1933 and the Exchange Act of 1934 by employing fraudulent schemes to manipulate security prices and disseminate misleading information. As a result, Wexler is permanently enjoined from future securities fraud and is prohibited from serving as an officer or director of any registered issuer. Additionally, he is barred from participating in any penny stock offerings. The financial terms of the judgment require Wexler to pay $265,067.05, consisting of $190,269.25 in disgorgement of net profits and $74,797.80 in prejudgment interest. This final judgment concludes the enforcement action against Wexler, who was the last remaining defendant in the case.
Classified market-manipulation(confidence 95%). EDGAR detection: forms SC 13D/G/13F· recall 53% / precision 9%. detection rule →
Statutes
15 U.S.C. § 78j(b)15 U.S.C. § 77q(a)15 U.S.C. § 78u(d)15 U.S.C. § 77t(e)15 U.S.C. § 7815 U.S.C. § 78o(d)28 U.S.C. § 196117 C.F.R. § 240.10b-17 C.F.R. 240.3a51-1Sections 17(a)(1) and (3) of the Securities ActSections 17(a)(1) and (3) of the Securities ActSections 17(a)(1) and (3) of the Securities ActSection 10(b) of the Securities Exchange ActSection 20(e) of the Securities Act
Parties
Securities and Exchange CommissionOngkaruck SripetchAshmit PatelAdtron Inc.King Mutual Solutions Inc.Optimus Prime Financial Inc.Doit, LtdRedline InternationalDominic WilliamsBrehnen KnightAmanda FloresMichael WexlerATG Inc.Doji Capital, Inc.UAIM CorporationAndrew McAlpineOrca Bridge
Keywords
wexlerordered adjudgedadjudged decreedsecuritiesexchangefurther orderedcv-securities exchangeorderedfinalh-blm documentdocument pageidpageid pagefurthercommission
Extracted insights
Dollar amounts 3
- $265K $265,067 $100K–$1M
- $190K $190,269 $100K–$1M
- $75K $74,797 $10K–$100K
Entities 2
- person defendant michael wexler
- person final judgment
Triples 4
- Defendant Michael Wexler found liable for violating Sections 17(a)(1) and (3) of the Securities Act and Section 10(b) of the Exchange Act
- Defendant Michael Wexler is permanently restrained and enjoined from violating Section 10(b) of the Exchange Act, including Rules 10b-5(a) and (c)
- Defendant Michael Wexler is permanently restrained and enjoined from violating Section 17(a) of the Securities Act
- Defendant Wexler’s Officers, Agents, Servants, Employees, And Attorneys are bound by final judgment
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Extracted body text (9,650c)
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UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF CALIFORNIA
SECURITIES AND EXCHANGE
COMMISSION,
Plaintiff,
v.
ONGKARUCK SRIPETCH; AMANDA
FLORES; BREHNEN KNIGHT;
ANDREW MCALPINE, ASHMIT
PATEL; MICHAEL WEXLER;
DOMINIC WILLIAMS; ADTRON INC.
a/k/a STOCKPALOOZA.COM; ATG
INC.; DOIT, LTD.; DOJI CAPITAL,
INC.; KING MUTUAL SOLUTIONS
INC.; OPTIMUS PRIME FINANCIAL
INC.; ORCA BRIDGE; REDLINE
INTERNATIONAL; and UAIM
CORPORATION,
Defendants.
Case No.: 20-cv-01864-H-AGS
FINAL JUDGMENT AS TO
DEFENDANT MICHAEL WEXLER
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Pursuant to the Court’s December 16, 2024 order granting Plaintiff Securities and
Exchange Commission (“SEC”) motion for summary judgment as to liability against
Defendant Michael Wexler, finding Wexler liable for violating Sections 17(a)(1) and (3)
of the Securities Act of 1933 (“Securities Act”) and Section 10(b) of the Securities
Exchange Act of 1934 (“Exchange Act”) and Rules 10b-5(a) and (c) thereunder (Doc. No.
245), and the Court’s March 3, 2025 Order granting in part and denying in part Plaintiff’s
motion for remedies against Defendant Wexler (Doc. No. 257), the Court enters the
following final judgment against Defendant Michael Wexler:
I.
It Is Ordered, Adjudged, and Decreed that Defendant Wexler is permanently
restrained and enjoined from violating, directly or indirectly, Section 10(b) of the Exchange
Act, 15 U.S.C. § 78j(b), and Exchange Act Rules 10b-5(a) and (c), 17 C.F.R. § 240.10b-
5(a) & (c), by using any means or instrumentality of interstate commerce, or of the mails,
or of any facility of any national securities exchange, in connection with the purchase or
sale of any security:
(a) to employ any device, scheme, or artifice to defraud; or
(b) to engage in any act, practice, or course of business which operates or would
operate as a fraud or deceit upon any person
by, directly or indirectly, (i) creating a false appearance or otherwise deceiving any person
about the price or trading market for any security, or (ii) making any false or misleading
statement, or disseminating any false or misleading documents, materials, or information,
concerning matters relating to a decision by an investor or prospective investor to buy or
sell securities of any company.
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) Defendant
Wexler’s officers, agents, servants, employees, and attorneys; and (b) other persons in
active concert or participation with Defendant Wexler or with anyone described in (a).
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II.
It Is Hereby Further Ordered, Adjudged, And Decreed that Defendant Wexler is
permanently restrained and enjoined from violating Section 17(a) of the Securities Act, 15
U.S.C. § 77q(a), in the offer or sale of any security by the use of any means or instruments
of transportation or communication in interstate commerce or by use of the mails, directly
or indirectly:
(a) to employ any device, scheme, or artifice to defraud; or
(b ) to engage in any transaction, practice, or course of business which operates
or would operate as a fraud or deceit upon the purchaser
by, directly or indirectly, (i) creating a false appearance or otherwise deceiving any person
about the price or trading market for any security, or (ii) making any false or misleading
statement, or disseminating any false or misleading documents, materials, or information,
concerning matters relating to a decision by an investor or prospective investor to buy or
sell securities of any company.
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) Defendant
Wexler’s officers, agents, servants, employees, and attorneys; and (b) other persons in
active concert or participation with Defendant Wexler or with anyone described in (a).
III.
It Is Hereby Further Ordered, Adjudged, And Decreed that, pursuant to Section
21(d)(2) of the Exchange Act, 15 U.S.C. § 78u(d)(2), and Section 20(e) of the Securities
Act, 15 U.S.C. § 77t(e), Defendant Wexler is prohibited from acting as an officer or
director of any issuer that has a class of securities registered pursuant to Section 12 of the
Exchange Act, 15 U.S.C. § 78, or that is required to file reports pursuant to Section 15(d)
of the Exchange Act, 15 U.S.C. § 78o(d).
IV.
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It Is Hereby Further Ordered, Adjudged, And Decreed that Defendant Wexler is
permanently barred from participating in an offering of penny stock, including engaging in
activities with a broker, dealer, or issuer for purposes of issuing, trading, or inducing or
attempting to induce the purchase or sale of any penny stock. A penny stock is any equity
security that has a price of less than five dollars, except as provided in Rule 3a51-1 under
the Exchange Act, 17 C.F.R. 240.3a51-1.
V.
It Is Hereby Further Ordered, Adjudged, And Decreed that Defendant Wexler is
liable for disgorgement of $190,269.25, representing net profits gained as a result of the
conduct detailed in the Court’s December 16, 2024 summary judgment order and the
Court’s March 3, 2025 remedies order (Doc. Nos. 245, 257), together with prejudgment
interest thereon in the amount of $74,797.80, for a total of $265,067.05. Defendant Wexler
must satisfy this obligation by paying $265,067.05 to the Securities and Exchange
Commission within 30 days after entry of this Final Judgment.
Defendant Wexler 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. Defendant Wexler may also pay by certified
check, bank cashier’s check, or United States postal money order payable to the Securities
and Exchange Commission, which must be delivered or mailed to:
Enterprise Services Center
Accounts Receivable Branch
6500 South MacArthur Boulevard
Oklahoma City, OK 73169
and must be accompanied by a letter identifying the case title, civil action number, and
name of this Court; Wexler as a defendant in this action; and specifying that payment is
made pursuant to this Final Judgment.
Defendant Wexler must simultaneously transmit photocopies of evidence of
payment and case identifying information to the Commission’s counsel in this action. By
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making this payment, Defendant Wexler relinquishes all legal and equitable right, title, and
interest in such funds and no part of the funds will be returned to Defendant Wexler.
The Commission will hold the funds (collectively, the “Fund”) until further order of
this Court. Plaintiff SEC may propose a plan to distribute the Fund subject to the Court’s
approval, and the Court will retain jurisdiction over the administration of any distribution
of the Fund.
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. Defendant Wexler will pay post judgment interest on any amounts due
after 30 days of entry of this Final Judgment pursuant to 28 U.S.C. § 1961.
VI.
It Is Further Ordered, Adjudged, And Decreed that this Court will retain jurisdiction
of this matter for the purposes of enforcing the terms of this Judgment.
VII.
There being no just reason for delay, pursuant to Rule 54(b) of the Federal Rules of
Civil Procedure, the Clerk is ordered to enter this Judgment forthwith and without further
notice. In addition, this is a final judgment against the sole remaining defendant in this
action, the Clerk is directed to close the case.
IT IS SO ORDERED.
DATED: March 10, 2025
MARILYN L. HUFF, District Judge
UNITED STATES DISTRICT COURT
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UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF CALIFORNIA
SECURITIES AND EXCHANGE
COMMISSION,
Plaintiff,
v.
ONGKARUCK SRIPETCH; AMANDA
FLORES; BREHNEN KNIGHT;
ANDREW MCALPINE, ASHMIT
PATEL; MICHAEL WEXLER;
DOMINIC WILLIAMS; ADTRON INC.
a/k/a STOCKPALOOZA.COM; ATG
INC.; DOIT, LTD.; DOJI CAPITAL,
INC.; KING MUTUAL SOLUTIONS
INC.; OPTIMUS PRIME FINANCIAL
INC.; ORCA BRIDGE; REDLINE
INTERNATIONAL; and UAIM
CORPORATION,
Defendants.
Case No.: 20-cv-01864-H-AGS
FINAL JUDGMENT AS TO
DEFENDANT MICHAEL WEXLER
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Pursuant to the Court’s December 16, 2024 order granting Plaintiff Securities and
Exchange Commission (“SEC”) motion for summary judgment as to liability against
Defendant Michael Wexler, finding Wexler liable for violating Sections 17(a)(1) and (3)
of the Securities Act of 1933 (“Securities Act”) and Section 10(b) of the Securities
Exchange Act of 1934 (“Exchange Act”) and Rules 10b-5(a) and (c) thereunder (Doc. No.
245), and the Court’s March 3, 2025 Order granting in part and denying in part Plaintiff’s
motion for remedies against Defendant Wexler (Doc. No. 257), the Court enters the
following final judgment against Defendant Michael Wexler:
I.
It Is Ordered, Adjudged, and Decreed that Defendant Wexler is permanently
restrained and enjoined from violating, directly or indirectly, Section 10(b) of the Exchange
Act, 15 U.S.C. § 78j(b), and Exchange Act Rules 10b-5(a) and (c), 17 C.F.R. § 240.10b-
5(a) & (c), by using any means or instrumentality of interstate commerce, or of the mails,
or of any facility of any national securities exchange, in connection with the purchase or
sale of any security:
(a) to employ any device, scheme, or artifice to defraud; or
(b) to engage in any act, practice, or course of business which operates or would
operate as a fraud or deceit upon any person
by, directly or indirectly, (i) creating a false appearance or otherwise deceiving any person
about the price or trading market for any security, or (ii) making any false or misleading
statement, or disseminating any false or misleading documents, materials, or information,
concerning matters relating to a decision by an investor or prospective investor to buy or
sell securities of any company.
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) Defendant
Wexler’s officers, agents, servants, employees, and attorneys; and (b) other persons in
active concert or participation with Defendant Wexler or with anyone described in (a).
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II.
It Is Hereby Further Ordered, Adjudged, And Decreed that Defendant Wexler is
permanently restrained and enjoined from violating Section 17(a) of the Securities Act, 15
U.S.C. § 77q(a), in the offer or sale of any security by the use of any means or instruments
of transportation or communication in interstate commerce or by use of the mails, directly
or indirectly:
(a) to employ any device, scheme, or artifice to defraud; or
(b) to engage in any transaction, practice, or course of business which operates
or would operate as a fraud or deceit upon the purchaser
by, directly or indirectly, (i) creating a false appearance or otherwise deceiving any person
about the price or trading market for any security, or (ii) making any false or misleading
statement, or disseminating any false or misleading documents, materials, or information,
concerning matters relating to a decision by an investor or prospective investor to buy or
sell securities of any company.
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) Defendant
Wexler’s officers, agents, servants, employees, and attorneys; and (b) other persons in
active concert or participation with Defendant Wexler or with anyone described in (a).
III.
It Is Hereby Further Ordered, Adjudged, And Decreed that, pursuant to Section
21(d)(2) of the Exchange Act, 15 U.S.C. § 78u(d)(2), and Section 20(e) of the Securities
Act, 15 U.S.C. § 77t(e), Defendant Wexler is prohibited from acting as an officer or
director of any issuer that has a class of securities registered pursuant to Section 12 of the
Exchange Act, 15 U.S.C. § 78, or that is required to file reports pursuant to Section 15(d)
of the Exchange Act, 15 U.S.C. § 78o(d).
IV.
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It Is Hereby Further Ordered, Adjudged, And Decreed that Defendant Wexler is
permanently barred from participating in an offering of penny stock, including engaging in
activities with a broker, dealer, or issuer for purposes of issuing, trading, or inducing or
attempting to induce the purchase or sale of any penny stock. A penny stock is any equity
security that has a price of less than five dollars, except as provided in Rule 3a51-1 under
the Exchange Act, 17 C.F.R. 240.3a51-1.
V.
It Is Hereby Further Ordered, Adjudged, And Decreed that Defendant Wexler is
liable for disgorgement of $190,269.25, representing net profits gained as a result of the
conduct detailed in the Court’s December 16, 2024 summary judgment order and the
Court’s March 3, 2025 remedies order (Doc. Nos. 245, 257), together with prejudgment
interest thereon in the amount of $74,797.80, for a total of $265,067.05. Defendant Wexler
must satisfy this obligation by paying $265,067.05 to the Securities and Exchange
Commission within 30 days after entry of this Final Judgment.
Defendant Wexler 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. Defendant Wexler may also pay by certified
check, bank cashier’s check, or United States postal money order payable to the Securities
and Exchange Commission, which must be delivered or mailed to:
Enterprise Services Center
Accounts Receivable Branch
6500 South MacArthur Boulevard
Oklahoma City, OK 73169
and must be accompanied by a letter identifying the case title, civil action number, and
name of this Court; Wexler as a defendant in this action; and specifying that payment is
made pursuant to this Final Judgment.
Defendant Wexler must simultaneously transmit photocopies of evidence of
payment and case identifying information to the Commission’s counsel in this action. By
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making this payment, Defendant Wexler relinquishes all legal and equitable right, title, and
interest in such funds and no part of the funds will be returned to Defendant Wexler.
The Commission will hold the funds (collectively, the “Fund”) until further order of
this Court. Plaintiff SEC may propose a plan to distribute the Fund subject to the Court’s
approval, and the Court will retain jurisdiction over the administration of any distribution
of the Fund.
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. Defendant Wexler will pay post judgment interest on any amounts due
after 30 days of entry of this Final Judgment pursuant to 28 U.S.C. § 1961.
VI.
It Is Further Ordered, Adjudged, And Decreed that this Court will retain jurisdiction
of this matter for the purposes of enforcing the terms of this Judgment.
VII.
There being no just reason for delay, pursuant to Rule 54(b) of the Federal Rules of
Civil Procedure, the Clerk is ordered to enter this Judgment forthwith and without further
notice. In addition, this is a final judgment against the sole remaining defendant in this
action, the Clerk is directed to close the case.
IT IS SO ORDERED.
DATED: March 10, 2025
MARILYN L. HUFF, District Judge
UNITED STATES DISTRICT COURT
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