SEC
Whistleblower
Advocates

February 17, 2017

ELX International, Inc., Advanced Century Corp., SOT Group, Inc., Ultra International, Inc., Larissa Ettore, Clayton K. Lee, Lolita Gatchalian

Trading and Pricing

SANCTION AMOUNT: Approximately $2.2 million

Defendants: ELX International, Inc., Advanced Century Corp., SOT Group, Inc., Ultra International, Inc.
Larissa Ettore, Clayton K. Lee, Lolita Gatchalian

The seven parties named herein were relief defendants, including four California-based shell companies and the son, girlfriend and a long-time associate of James Y. Lee, the perpetrator of a fraudulent scheme in which he recruited clients to open online brokerage accounts, including margin accounts in which he had discretionary authority to trade in options and, among other things, charged management fees of as much as 50% of monthly realized profits while falsely promising that he would share equally in losses. These relief defendants either did not appear or were found to have failed to comply with court orders, including discovery abuses. They allegedly received diverted funds from Lee so that he could avoid holding them in his own name, and were found liable for the full amount he swindled.

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