Food service distributor HF Foods Group agreed to pay a $3.9 million penalty as part of a settlement with the Securities and Exchange Commission (SEC) regarding alleged fraudulent conduct carried out by its former chief executive officer and former chief financial officer.
The settlement, announced in an administrative proceeding Thursday, follows charges the SEC levied earlier this week against former HF Foods CEO Zhou Min Ni and former CFO Jian Ming Ni. Zhou Min Ni agreed to pay a $300,000 penalty in settling, while Jian Ming Ni will pay $80,000.
