Securities and Exchange Commission v. Lee

CourtDistrict Court, D. Maryland
DecidedSeptember 30, 2025
Docket1:24-cv-00296
StatusUnknown

This text of Securities and Exchange Commission v. Lee (Securities and Exchange Commission v. Lee) is published on Counsel Stack Legal Research, covering District Court, D. Maryland primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Securities and Exchange Commission v. Lee, (D. Md. 2025).

Opinion

IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF MARYLAND

SECURITIES AND EXCHANGE COMMISSION,

Plaintiff, Case No. 24-cv-00296-ABA

v.

XUE LEE, A/K/A “SAM” LEE, et al., Defendants.

MEMORANDUM OPINION The Securities and Exchange Commission (“SEC”) filed this case alleging that Defendants Xue Lee (“Lee”) and Brenda Chunga (“Chunga”) defrauded investors in violation of U.S. securities laws. After Lee failed to respond to the complaint, the SEC obtained a Clerk’s entry of default. ECF No. 18. Lee has filed a pro se motion requesting that the Court vacate the default and dismiss the complaint, principally based on arguments about service and personal jurisdiction. ECF No. 19. For the reasons below, the Court will deny the motion to dismiss and grant the motion to vacate. I. BACKGROUND The SEC alleges that Lee and Chunga participated in a large-scale fraud involving the sale of memberships in a purported crypto-mining company. ECF No. 1. Lee is an Australian citizen who resides in the United Arab Emirates (“UAE”) and Chunga was a Maryland resident during the alleged fraud. ECF No. 19 at 31; ECF No. 1 ¶ 15. The alleged scheme involved an entity called “Hyperfund” (later renamed “HyperVerse” and

1 Citations to page numbers refer to CM/ECF pagination for this and the other filings referenced herein, which may not align with a document’s original page numbering. then “HyperNation”), which recruited promotors to sell membership packages in a crypto asset enterprise that were ultimately worthless. ECF No. 1 ¶¶ 2, 7. Hyperfund created press and marketing materials allegedly containing misleading representations and outright lies, which the promotors used to recruit investors. Id. ¶¶ 67–70. The complaint alleges that Lee was a central figure in the fraud who “maintained control

over HyperFund throughout its existence.” Id. ¶ 25. Chunga was allegedly a prominent promotor who became “one of only six ‘corporate’ presenters for HyperFund, and one of only two in the U.S.” and was subsequently designated “HyperNation Sales Manager for the U.S.” Id. ¶¶ 41, 58. After filing the complaint, the SEC took steps to serve process on Lee. In addition to residing in UAE, Lee had been detained there in connection with parallel criminal charges that have been brought by the United States in this Court. ECF No. 15-1 at 2; United States v. Lee, Case No. 1:24-cr-00021-RDB-1 (D. Md.). The SEC coordinated with a law firm in Dubai to effectuate service, and the law firm in turn engaged a process server to serve Lee at the prison. ECF No. 15-1. The papers were presented to an officer of the Central Prison in Al Anweer, Dubai on October 16, 2024. ECF Nos. 15-1 at 2; 15-2.

The officer presented the papers to Lee himself on October 17, 2024, though Lee apparently refused to physically take them. ECF No. 15-1 at 2; ECF No. 15-3. Lee did not respond to the complaint with the 21-day deadline provided in Rule 12(a), a deadline that was reiterated in the summons he was given. ECF No. 13. The SEC moved for entry of default, which was granted on December 6, 2024. ECF No. 18. Lee’s motion to vacate was filed on January 6, 2025. ECF No. 19. II. DISCUSSION Though styled as a motion to vacate the entry of default, Lee also requests that the Court “dismiss this action for lack of personal jurisdiction and Defects In Service Of Process.” ECF No. 19 at 2. Lee addresses the jurisdictional and service arguments throughout his motion, and renews his request for dismissal at the end of his motion. Id.

at 6. The Court will thus construe the motion as both a motion to vacate default under Rule 55(c) and a motion to dismiss under Rules 12(b)(2) (lack of personal jurisdiction) and 12(b)(5) (insufficient service of process). See Castro v. United States, 540 U.S. 375, 381–382 (2003) (“Federal courts sometimes will ignore the legal label that a pro se litigant attaches to a motion and recharacterize the motion in order to place it within a different legal category . . . to create a better correspondence between the substance of a pro se motion’s claim and its underlying legal basis.”) (citations omitted). A. Motion to dismiss The Court will first address Lee’s arguments that the complaint should be dismissed for insufficient service of process and lack of personal jurisdiction. i. Pertinent standards of review Following a challenge to service through a Rule 12(b)(5) motion to dismiss,

“[p]laintiffs bear the burden of establishing the validity of service under [Rule] 4.” Morgan Stanley v. Babu, 448 F. Supp. 3d 497, 504 (D. Md. 2020). An affidavit from a process server “constitutes prima facie evidence of valid service of process,” and a defendant’s “bare assertions” that the defendant was “not properly served do not suffice to refute the . . . affidavit.” GlaxoSmithKline, LLC v. Brooks, Case No. 8:22-cv-00364- PWG, 2022 WL 1443735, at *6 (D. Md. May 6, 2022). “To overcome the presumption of valid service created by the process server’s affidavit, a defendant refuting service must provide corroborative evidence from a disinterested witness.” Id. At the pleadings stage, the relevant standard for evaluating a personal jurisdiction challenge is whether the plaintiff’s allegations, accepted as true, make out a “prima facie showing of personal jurisdiction.” Grayson v. Anderson, 816 F.3d 262, 268

(4th Cir. 2016); see also Sneha Media & Ent., LLC v. Associated Broad. Co. P Ltd., 911 F.3d 192, 196 (4th Cir. 2018) (“[W]e have treated the disposition of Rule 12(b)(2) motions to dismiss for a lack of personal jurisdiction in conceptually the same manner as we treat the disposition of motions to dismiss under Rule 12(b)(6), where we take allegations of the complaint as true for purposes of assessing the motion to dismiss.”). “Ultimately . . . a plaintiff must establish facts supporting jurisdiction over the defendant by a preponderance of the evidence.” Grayson, 816 F.3d at 268. At the pleading stage, however, a court must accept as true a plaintiff’s allegations and draw all reasonable inferences in the plaintiff’s favor, including with respect to allegations pertinent to jurisdictional matters, and consider whether those allegations make out a prima facie showing of personal jurisdiction. Sneha, 911 F.3d at 196.

ii. Service of process The standards for serving foreign defendants are provided in Federal Rule of Civil Procedure 4(f). Rule 4(f)(1) identifies one avenue for service abroad: plaintiffs may use “any internationally agreed means of service,” such as the Hague Convention on the Service Abroad of Judicial and Extrajudicial Documents (the “Hague Service Convention”). The UAE is not a party to the Hague Service Convention or any other applicable international agreement.2 So Rule 4(f)(2) applies, which allows for service “as prescribed by the foreign country’s law for service in that country in an action in its courts of general jurisdiction.” Fed. R. Civ. P. 4(f)(2)(A). The SEC’s service complied with this rule because it comported with UAE law. The return of service filed by the SEC provides a detailed letter from an Emirati law firm

describing the UAE’s service rules. ECF No. 15-1. The UAE allows service upon “persons in prison” by delivering the papers to the prisoner’s “place of existence” and establishing that the papers were “served upon the intended person.” Federal Decree by Law No.

Free access — add to your briefcase to read the full text and ask questions with AI

Related

International Shoe Co. v. Washington
326 U.S. 310 (Supreme Court, 1945)
Castro v. United States
540 U.S. 375 (Supreme Court, 2003)
Goodyear Dunlop Tires Operations, S. A. v. Brown
131 S. Ct. 2846 (Supreme Court, 2011)
Bonavire v. Wampler
779 F.2d 1011 (Fourth Circuit, 1985)
Wainwright's Vacations, LLC v. Pan American Airways Corp.
130 F. Supp. 2d 712 (D. Maryland, 2001)
Walden v. Fiore
134 S. Ct. 1115 (Supreme Court, 2014)
United States v. Shane Cowley
814 F.3d 691 (Fourth Circuit, 2016)
Alan Grayson v. Randolph Anderson
816 F.3d 262 (Fourth Circuit, 2016)
Peay v. Barnett
181 A.3d 931 (Court of Special Appeals of Maryland, 2018)
Tolson v. Hodge
411 F.2d 123 (Fourth Circuit, 1969)
Lolatchy v. Arthur Murray, Inc.
816 F.2d 951 (Fourth Circuit, 1987)

Cite This Page — Counsel Stack

Bluebook (online)
Securities and Exchange Commission v. Lee, Counsel Stack Legal Research, https://law.counselstack.com/opinion/securities-and-exchange-commission-v-lee-mdd-2025.