Beware of SEC & Maurice Chelliah & Nasgo – Review

The SEC has won its case against Maurice “Butch” Chelliah, who is accused of running the Nasgo Ponzi scheme.

In May, the SEC first filed a lawsuit against Chelliah (right). Due to questions of jurisdiction, that motion was turned down.

On December 12, the SEC tried again to get a court order against Chelliah. On December 13, the court said yes to the SEC’s second motion for a judgment.

Chelliah’s Nasgo judgment says that he has to “pay disgorgement of ill-gotten gains and prejudgment interest thereon.”

Nasgo was an MLM crypto Ponzi scheme that came out at the end of 2017. In their April 2022 Complaint, the SEC says that Chelliah used the scam to steal more than $200,000.

The exact amount that Chelliah will have to pay back will be decided at a later time.

Prejudgment interest on the amount will be backdated to July 1, 2018, no matter what it is.

Chelliah will also have to pay a civil penalty of $75,000, which is due right away.

Eric Tippetts, one of the people who started Nasgo, settled the SEC’s case in August.

Steven Chiang, also known as Cyrus Kong, is the only person still being sued by the SEC.

Chiang got the most money from Nasgo’s Ponzi scheme, but it’s not clear how much he stole.

After Nasgo failed, Chiang ran away to Singapore. He has until January 27 to answer the SEC’s complaint.

Chiang’s lawyers and the SEC are still talking about a settlement.

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