Statement Summary
On May 22, 2025, the U.S. Securities and Exchange Commission (SEC) dismissed three civil enforcement actions against Adam R. Long, Tri-Bridge Ventures, LLC, and LG Capital Funding, LLC, with prejudice. These cases were previously filed in 2023, 2024, and 2022, respectively.
Additionally, in a separate case against River North Equity LLC, the SEC also dismissed its claims regarding unregistered dealer activities. The SEC clarified that these dismissals were a policy decision and did not imply any judgment about the merits of the cases. The ongoing litigation in the River North Equity case remains active. The SEC emphasized that this decision does not reflect its stance on other cases.
Original Statement
Adam R. Long, et al.; Tri-Bridge Ventures, LLC et al.; LG Capital Funding, LLC, et al.; River North Equity LLC, et al.
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 26310 / May 23, 2025Securities and Exchange Commission v. Adam R. Long, et al., Case No. 1:23-cv-14260 (N.D. Ill. filed Sept. 28, 2023)
Securities and Exchange Commission v. Tri-Bridge Ventures, LLC, et al., Case No. 3:24-cv-05711 (D.N.J. filed Apr. 29, 2024)
Securities and Exchange Commission v. LG Capital Funding, LLC, et al., Case No. 1:22-cv-03353 (E.D.N.Y. filed June 7, 2022)
Securities and Exchange Commission v. River North Equity LLC, et al., Case No. 1:19-cv-01711 (N.D. Ill. filed Mar. 11, 2019)
SEC Announces Dismissal of Actions
On May 22, 2025, the Securities and Exchange Commission filed joint stipulations with the defendants in three separate cases to dismiss, with prejudice, the following ongoing civil enforcement actions against them:
- Securities and Exchange Commission v. Adam R. Long, et al., Case No. 1:23-cv-14260 (N.D. Ill. filed Sept. 28, 2023);
- Securities and Exchange Commission v. Tri-Bridge Ventures, LLC, et al., Case No. 3:24-cv-05711 (D.N.J. filed Apr. 29, 2024); and
- Securities and Exchange Commission v. LG Capital Funding, LLC, et al., Case No. 1:22-cv-03353 (E.D.N.Y. filed June 7, 2022).
Also on May 22, 2025, the Commission filed joint stipulations with defendants River North Equity, LLC, Edward M. Liceaga, and Michael A. Chavez in a fourth ongoing civil enforcement action, Securities and Exchange Commission v. River North Equity LLC, et al., Case No. 1:19-cv-01711 (N.D. Ill. filed Mar. 11, 2019), to dismiss, with prejudice, the Commission’s claims against them for unregistered dealer activity under Section 15(a) of the Securities Exchange Act of 1934. The Commission’s litigation in this matter otherwise remains ongoing.
The Commission’s decision to exercise its discretion and dismiss these pending enforcement actions and claims rests on its judgment that the dismissals are appropriate as a policy matter, not on any assessment of the merits of the claims alleged in the actions. Furthermore, as stated in each of the joint stipulations, the Commission’s decision to seek dismissal of the actions or claims “does not necessarily reflect the Commission’s position on any other case.”
