SEC v. Adam R. Long; Tri-Bridge Ventures, LLC; LG Capital Funding, LLC; River North Equity LLC; Edward M. Liceaga; and Michael A. Chavez, No. LR-26310, Eastern District of New York (May 23, 2025) — Press Release
raw: Adam R. Long, et al.; Tri-Bridge Ventures, LLC et al.; LG Capital Funding, LLC, et al.; River North Equity LLC, et al.
Adam R. Long, et al.; Tri-Bridge Ventures, LLC et al.; LG Capital Funding, LLC, et al.; River North Equity LLC, et al., No. 1:23-cv-14260 (D.N.J. May 23, 2025)
The SEC dismissed with prejudice three civil enforcement actions and specific claims in a fourth case involving Adam R. Long, Tri-Bridge Ventures, LG Capital Funding, and River North Equity.
The SEC dismissed with prejudice enforcement actions against Adam R. Long, Tri-Bridge Ventures, LLC, and LG Capital Funding, LLC. Additionally, specific claims against River North Equity, LLC, Edward M. Liceaga, and Michael A. Chavez regarding unregistered dealer activity were dismissed. While specific dollar amounts were not detailed, the dismissals were based on policy discretion rather than a merits-based assessment.
The Securities and Exchange Commission announced the dismissal with prejudice of three separate civil enforcement actions involving Adam R. Long, Tri-Bridge Ventures, LLC, and LG Capital Funding, LLC. On May 22, 2025, the Commission also dismissed claims against River North Equity, LLC, Edward M. Liceaga, and Michael A. Chavez regarding unregistered dealer activity under Section 15(a) of the Securities Exchange Act of 1934. While these specific claims are resolved, the broader litigation against River North Equity remains ongoing. The SEC stated that these dismissals were driven by policy considerations rather than a definitive assessment of the underlying merits. No specific monetary amounts were highlighted in the announcement, as the decision was a matter of administrative discretion. This resolution does not necessarily set a precedent for the Commission's position on other pending or future cases.
Exhibits & Attached Documents (5)
Extracted insights
- person adam r. long
- person Edward M. Liceaga
- organization LG Capital Funding LLC
- person Michael a. Chavez
- organization River North Equity LLC
- agency Securities and Exchange Commission
- organization Tri-Bridge Ventures LLC
- Securities And Exchange Commission filed joint stipulations to dismiss, with prejudice, the civil enforcement actions against Adam R. Long, et al., Tri-Bridge Ventures, LLC, et al., and LG Capital Funding, LLC, et al.
- Securities And Exchange Commission filed joint stipulations to dismiss, with prejudice, the claims against River North Equity LLC, Edward M. Liceaga, and Michael a. Chavez for unregistered dealer activity under Section 15(a) of the Securities Exchange Act of 1934
- Securities And Exchange Commission dismissed three civil enforcement actions with prejudice
- Securities And Exchange Commission dismissed claims against River North Equity LLC, Edward M. Liceaga, and Michael a. Chavez with prejudice
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26310 / May 23, 2025 Securities and Exchange Commission v. Adam R. Long, et al., Case No. 1:23-cv-14260 (N.D. Ill. filed Sept. 28, 2023) Securities and Exchange Commission v. Tri-Bridge Ventures, LLC, et al., Case No. 3:24-cv-05711 (D.N.J. filed Apr. 29, 2024) Securities and Exchange Commission v. LG Capital Funding, LLC, et al., Case No. 1:22-cv-03353 (E.D.N.Y. filed June 7, 2022) Securities and Exchange Commission v. River North Equity LLC, et al., Case No. 1:19-cv-01711 (N.D. Ill. filed Mar. 11, 2019) SEC Announces Dismissal of Three Civil Enforcement Actions and Claims in Fourth Civil Enforcement Action On May 22, 2025, the Securities and Exchange Commission filed joint stipulations with the defendants in three separate cases to dismiss, with prejudice, the following ongoing civil enforcement actions against them: Securities and Exchange Commission v. Adam R. Long, et al., Case No. 1:23-cv-14260 (N.D. Ill. filed Sept. 28, 2023); Securities and Exchange Commission v. Tri-Bridge Ventures, LLC, et al., Case No. 3:24-cv-05711 (D.N.J. filed Apr. 29, 2024); and Securities and Exchange Commission v. LG Capital Funding, LLC, et al., Case No. 1:22-cv-03353 (E.D.N.Y. filed June 7, 2022). Also on May 22, 2025, the Commission filed joint stipulations with defendants River North Equity, LLC, Edward M. Liceaga, and Michael A. Chavez in a fourth ongoing civil enforcement action, Securities and Exchange Commission v. River North Equity LLC, et al., Case No. 1:19-cv-01711 (N.D. Ill. filed Mar. 11, 2019), to dismiss, with prejudice, the Commission’s claims against them for unregistered dealer activity under Section 15(a) of the Securities Exchange Act of 1934. The Commission’s litigation in this matter otherwise remains ongoing. The Commission’s decision to exercise its discretion and dismiss these pending enforcement actions and claims rests on its judgment that the dismissals are appropriate as a policy matter, not on any assessment of the merits of the claims alleged in the actions. Furthermore, as stated in each of the joint stipulations, the Commission’s decision to seek dismissal of the actions or claims “does not necessarily reflect the Commission’s position on any other case.”
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26310 / May 23, 2025 Securities and Exchange Commission v. Adam R. Long, et al., Case No. 1:23-cv-14260 (N.D. Ill. filed Sept. 28, 2023) Securities and Exchange Commission v. Tri-Bridge Ventures, LLC, et al., Case No. 3:24-cv-05711 (D.N.J. filed Apr. 29, 2024) Securities and Exchange Commission v. LG Capital Funding, LLC, et al., Case No. 1:22-cv-03353 (E.D.N.Y. filed June 7, 2022) Securities and Exchange Commission v. River North Equity LLC, et al., Case No. 1:19-cv-01711 (N.D. Ill. filed Mar. 11, 2019) SEC Announces Dismissal of Three Civil Enforcement Actions and Claims in Fourth Civil Enforcement Action On May 22, 2025, the Securities and Exchange Commission filed joint stipulations with the defendants in three separate cases to dismiss, with prejudice, the following ongoing civil enforcement actions against them: Securities and Exchange Commission v. Adam R. Long, et al., Case No. 1:23-cv-14260 (N.D. Ill. filed Sept. 28, 2023); Securities and Exchange Commission v. Tri-Bridge Ventures, LLC, et al., Case No. 3:24-cv-05711 (D.N.J. filed Apr. 29, 2024); and Securities and Exchange Commission v. LG Capital Funding, LLC, et al., Case No. 1:22-cv-03353 (E.D.N.Y. filed June 7, 2022). Also on May 22, 2025, the Commission filed joint stipulations with defendants River North Equity, LLC, Edward M. Liceaga, and Michael A. Chavez in a fourth ongoing civil enforcement action, Securities and Exchange Commission v. River North Equity LLC, et al., Case No. 1:19-cv-01711 (N.D. Ill. filed Mar. 11, 2019), to dismiss, with prejudice, the Commission’s claims against them for unregistered dealer activity under Section 15(a) of the Securities Exchange Act of 1934. The Commission’s litigation in this matter otherwise remains ongoing. The Commission’s decision to exercise its discretion and dismiss these pending enforcement actions and claims rests on its judgment that the dismissals are appropriate as a policy matter, not on any assessment of the merits of the claims alleged in the actions. Furthermore, as stated in each of the joint stipulations, the Commission’s decision to seek dismissal of the actions or claims “does not necessarily reflect the Commission’s position on any other case.”