Benjamin Wey Sues NASDAQ, Adena Friedman For Lying to FBI, Fraud

Benjamin Wey Sues NASDAQ, Adena Friedman, 14 Defendants For Lying to FBI, Fraud


Benjamin Wey Sues NASDAQ, Adena Friedman For Lying to FBI, Fraud

Adena Friedman, 13 Other NASDAQ Defendants Sued for Lying to FBI, fraud

BREAKING NEWS: In March 2019, New York federal judge ruled in Benjamin Wey’s favor against the NASDAQ. The court ruling is here.

ADENA FRIEDMAN, the ostentatious NASDAQ CEO may soon have to find another dark closet to hide her pile of cash. What’s taken place inside the burning NASDAQ “dog house” under Adena Friedman’s watch is just plain corporate greed that invites puking, according to charges in a multi-hundred million dollar lawsuit against a total of 14 NASDAQ defendants that could shred Adena Friedman’s carefully crafted image as a fake #MeToo executive, exposing NASDAQ’s rotten “House of Cards” as the apex of hypocrisy.

Read more: SEC Commissioner Robert Jackson Blasts Fraudulent NASDAQ Regulatory Immunity, Holds NASDAQ Profit Model to Account

On April 9, 2018, the vindicated American financier Benjamin Wey filed a massive lawsuit against the NASDAQ defendants for malicious prosecution, fraud, lying to the FBI, SEC and DOJ. The complaint charges the NASDAQ defendants with fabricating nonexistent listing rules, lying to the FBI, DOJ and SEC, causing a baseless prosecution and SEC action to be brought against Mr. Wey. After achieving several landmark court victories in 2017, Benjamin Wey was vindicated. The government voluntarily dismissed all charges against him in August 2017.  The Securities and Exchange Commission graciously released a formal SEC notice on April 8, 2018 that fully exonerated Benjamin Wey.

Benjamin Wey‘s legal counsel, the well-regarded New York litigation law firm LUPKIN PLLC has filed the lawsuit in the New York State Supreme Court, County of New York (Index No. 651684/2018). The complaint says NASDAQ manipulated the feds after the exchange failed to properly vet many of its newly listed Chinese companies, then used Mr. Wey, who is a prominent Chinese American as a sacrificial lamb when NASDAQ was under SEC scrutiny.

The Disgraced NASDAQ defendants headed by Adena Friedman

In Mr. Wey’s pursuit of justice, 14 NASDAQ defendants were named, including NASDAQ, Inc., The Nasdaq Stock Market LLC, and a number of senior executives at Nasdaq including Robert Greifeld (Former Nasdaq CEO and now CEO at Virtu Financial), Adena Friedman (Current President and CEO of Nasdaq) and Edward Knight (Nasdaq Chief Regulatory Officer and General Counsel), Chairman of the Corporate Governance Committee Michael SplinterMichael EmenNelson GriggsArnold GolubWilliam SlatteryAlan RowlandKeely MoxleyRobert McCooey Jr. and Andrew Hall, who Mr. Wey exposed in the lawsuit were “jumping up and down cheering” after his misguided indictment.

“This case illustrates the lengths to which some avaricious, for-profit, multi-billion dollar public companies will go to maximize shareholder value and advance their own interests,” the 55-page complaint states, calling Nasdaq’s actions of lying to the FBI “the apex of hypocrisy.”

“For the NASDAQ defendants, it’s a choice between ‘a bullet and poison.’ NASDAQ either blames it on itself for having lied to the feds or scapegoats law enforcement that holds guns. Who lied about the fabricated NASDAQ listing rule?  The NASDAQ defendants or the FBI agents who had been duped by NASDAQ?”

The lawsuit calls into question the legitimacy of NASDAQ’s corporate governance process, raising considerable doubt over its hyped “high ethics standard” touted by its board of directors headed by Michael Splinter, also a defendant in the lawsuit.

Related: Financier Benjamin Wey Exonerated in Victory, Issues Open Letter to Plaintiffs Law Firms Worldwide

A fake case hinged on NASDAQ’s lies to the FBI

Benjamin Wey‘s lawsuit says Nasdaq built a fake case against him and then pitched it to federal authorities.  Mr. Wey exposed that “Nasdaq’s misconduct in this case not only fails to live up to its high-minded “Good Ethics is Good Business” slogan, but constitutes the apex of hypocrisy. Nasdaq knowingly and intentionally interfered with Mr. Wey’s business, and Mr. Wey has commenced this lawsuit to seek some measure of recompense.


Financier Benjamin Wey Exonerated in Victory, Hires Plaintiffs Lawyers Seeking $1 Billion in Damages

Mr. Wey said in the complaint, “The malicious misconduct by the NASDAQ defendants involves nothing short of deceiving federal law enforcement authorities (including the FBI, SEC and federal
prosecutors) by inventing trumped-up NASDAQ listing prohibitions and fabricating bogus criminal activity by their target, Benjamin Wey.”

Mr. Wey seeks several hundred million dollars in damages. Of which, $50 million will be donated to New York’s Legal Aid Society to benefit powerless defendants who are wrongfully accused by greedy corporations that advance their own commercial, self-interests. Mr. Wey’s lawsuit has attracted media attention from several mainstream media outlets including Forbes.

“If it takes a life time to get justice, I will be there exposing these NASDAQ wrongdoers,” said Benjamin Wey’s spokesman to a group of reporters.

“This is an extremely well-funded lawsuit with tons of facts. NASDAQ made up a nonexistent listing rule and lied to the FBI, DOJ and SEC. More than half a dozen federal agents swore under oath, as well as many internal FBI documents incriminated NASDAQ as the sole source that had duped the government.”


Legal Counsel to Benjamin Wey
Jonathan D. Lupkin, Esq.
Telephone: (646) 367-2771