August 22, 2023
The SEC brought charges against Johnny Tseng (a/k/a Kuanhao J. Tseng, Kuanhao Tseng), Kevin Zhang (a/k/a Kevin Huapeng Zhang, Huapeng Zhang), and Summitcrest Capital, Inc. for allegedly conducting an offering fraud through their real estate investment fund. The SC Development Fund raised nearly $20 million from 30 investors. The funds were used for loans, other real estate development opportunities, and to pay finder’s fees to entities that were controlled by Tseng and Zhang.
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