Consumers Affected
15
The New Jersey Bureau of Securities filed a lawsuit against Xiao Hu (aka Mark Hu) and his companies Skyline Technology USA LLC and Thunderbirds.ME, Inc. for allegedly defrauding at least 15 investors out of $2.5 million through unregistered securities offerings. Hu allegedly misappropriated at least $280,000 for personal expenses including a home purchase and vacation, and falsely claimed to have a Ph.D. from Columbia University.
The lawsuit seeks a permanent injunction against offering securities in New Jersey, civil monetary penalties, restitution for victims, and disgorgement of profits from Hu and his wife.
In-house legal teams should review any vendor or investment agreements involving securities offerings, particularly those promising fixed returns. Key clauses to examine include representations and warranties regarding securities registration, anti-fraud provisions, and indemnification for misrepresentation. Also review any agreements with investment advisors or brokers for compliance with state securities laws and ensure proper registration of securities and sellers.
Entity
Xiao Hu
Industry
TechnologyOfficial Press Release
https://www.njoag.gov/nj-bureau-of-securities-sues-former-princeton-resident-who-allegedly-defrauded-investors-out-of-2-5-million-and-misused-investor-funds/
2026 0604 Skyline Complaint Filed Copy
http://www.njoag.gov/wp-content/uploads/2026/06/2026-0604_Skyline-Complaint-Filed-Copy.pdf
New Jersey Attorney General Enforcement Page
https://www.njoag.gov/about/divisions-and-offices/division-of-consumer-affairs/
"Xiao Hu, aka Mark Hu"
"defrauded investors out of at least $2.5 million"
"New Jersey Uniform Securities Law"
"offered and sold unregistered, fraudulent securities"
"permanently enjoining the Defendants from offering, selling, issuing, or promoting securities"
$18.0M
Attorney General Jennifer Davenport joined a bipartisan coalition of 42 attorneys general in announcing a settlement with the bankruptcy trustee for 23andMe, resolving allegations from a 2023 data breach that compromised genetic data of 6.9 million people worldwide, including nearly 150,000 in New Jersey. The settlement provides $18 million to states from available bankruptcy funds, plus enhanced data security and consumer deletion rights for the successor entity, 23andMe Research Institute.
$45.0M
Block, Inc. agreed to a $45 million multistate settlement with 46 states for allegedly misleading consumers about the safety of Cash App, failing to protect users from fraud, and not providing promised fraud protection. The settlement requires Block to improve customer support, stop misleading claims, and educate consumers about fraud.
Attorney General Jennifer Davenport co-led a coalition of 49 attorneys general in calling on the FCC to strengthen rules to cut off scammers' access to legitimate telephone numbers. The coalition's letter requests stronger certification rules, regular reporting, and prohibitions on number cycling to combat illegal robocalls.
Governor Sherrill and Attorney General Davenport announced coordinated executive actions to reduce and eliminate junk fees in New Jersey. The initiative includes an Executive Order directing state agencies to review industries for junk fees and an Enforcement Statement from the Division of Consumer Affairs explaining how junk fee practices may violate the New Jersey Consumer Fraud Act.
The New Jersey Bureau of Securities announced its 2026 annual investment adviser examination, with a particular focus on firms' use of artificial intelligence and cybersecurity protocols. The examination requires nearly 800 registered investment adviser firms to answer questions about AI use in portfolio management, data protection policies, and third-party vendor due diligence. Failure to comply may result in administrative action.
New Jersey and New York Attorneys General announced an investigation into FIFA's ticketing practices for the 2026 World Cup. The investigation focuses on reports that fans were misled about seat locations, faced soaring prices due to variable pricing, and did not receive the tickets they paid for. Subpoenas have been sent to FIFA seeking information about its ticketing practices for matches hosted in New Jersey.