SEC v. NVC Fund LLC and Frank Ekejija (2018)
Alleged — pending
These are allegations. SEC has filed an action; nothing in it has been proven, and the respondents have not been found liable. Everything described on this page is what the regulator alleges, not what a court has found. See our editorial policy.
Checked against the primary document on October 4, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, with sampled and disputed records read a second time. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.
In December 2018 the SEC filed a subpoena enforcement action against NVC Fund LLC and its principal Frank Ekejija in California, seeking compliance with an investigative subpoena in its inquiry into a potential pump-and-dump in three penny stocks. The action charged no violation. The SEC later sued Ekejija and NVC Fund in a separate civil complaint, and a federal court imposed a $195,047 penalty on Ekejija on 22 March 2023; how the subpoena case itself ended was not found.
The record
| Agency | SEC |
|---|---|
| Release number | LR-24369 |
| Date filed | 2018-12-07 |
| Court | U.S. District Court, Central District of California |
| Status | filed |
| Criminal parallel | No |
| Defendants | NVC Fund LLC ; Frank Ekejija |
| Cited as charged or alleged | Exchange Act s.10(b) and Rule 10b-5 ; Securities Act s.17(a) ; Securities Act s.5 |
| Techniques |
What was ordered
- Civil penalty
- —
- Disgorgement
- —
- Prejudgment interest
- —
- Total relief
- —
- Alleged gain
- —
What is alleged to have happened
the Securities and Exchange Commission announced this matter on December 7, 2018 as release LR-24369. The respondents named are NVC Fund LLC and Frank Ekejija (1 individual, 1 entity). The action was brought in the U.S. District Court, Central District of California.
The application says the SEC is investigating whether individuals or entities ran a pump-and-dump in Cherubim, PDX Partners and Victura stock, after trading was suspended in February 2018 over claims of trillions in AAA-rated assets from NVC Fund. It is a subpoena enforcement matter, not a complaint of fraud. This library carries no technique tag on this matter.
Follow-up. The SEC's release of 30 September 2020 announced a civil complaint in the Central District of California against Patrick Jevon Johnson, Charles Everett, Frank Ekejija and NVC Fund, LLC over the Cherubim, PDX Partners and Victura stock schemes it had been investigating, alleging NVC Fund and Ekejija made false statements that pumped the stock prices. A court judgment filed on 22 March 2023 imposes a civil penalty of $195,047 on Ekejija, following a partial judgment against him dated 2 July 2021. That is the outcome of the later complaint, not of this subpoena action: no document found says how the subpoena proceeding was concluded, and no judgment against NVC Fund LLC itself was found. The status therefore stays at filed, and money fields are left empty. Checked on 2026-10-04.
For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.
Timeline
- 2018-12-07 Litigation release published
- 2020-09-30 SEC files a civil complaint against Johnson, Everett, Ekejija and NVC Fund over the same stocks (separate action)
- 2023-03-22 Court enters $195,047 civil penalty judgment against Ekejija in the separate civil action
Primary documents
Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.