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Chang, et. al. v. Interactive Brokers LLC (“IB”) was filed in the Northern District of California on August 2, 2021. The Complaint seeks civil damages for claims of aiding and abetting fraud, aiding and abetting breach of fiduciary duty, and violation of California Business and Professions Code.
Plaintiff seeks to represent a class of investors of Haena Park, an IB customer that operated a Ponzi scheme. The defendant, IB, is an electronic brokerage subsidiary of IBG LLC and is registered as a broker-dealer with the SEC and as a futures commission merchant with the CFTC.
Park solicited $23 million in investments from friends and family between 2010 and 2016. Park promised investors that she would deposit their funds in futures and forex investment devices and would manage the investments. Park represented that she had successfully invested in forex before and expected gains of up to 50%. In reality, Park’s IB accounts lost money nearly every…
