11:49 AM EDT, 09/12/2025 (MT Newswires) -- Ostin Technology ( OST ) Co-CEO Lai Kui Sen and financial advisor Yan Zhao have been charged with allegedly leading a securities fraud scheme that generated more than $100 million by targeting US retail investors, the Department of Justice said Friday.

The defendants and co-conspirators allegedly siphoned Ostin Technology ( OST ) shares in non-bona fide securities deals and then dumped the shares amid a coordinated social media campaign to pump the company's share price from April to June.

The DOJ said investors were hit with significant losses when, on June 26, Ostin Technology ( OST ) lost more than $950 million in market capitalization, or more than 94% of its value.

"The defendants targeted American retail investors through a predatory pump and dump scheme to take advantage of the artificial inflation of the price of [Ostin Technology ( OST )] shares," said Acting Assistant Attorney General Matthew Galeotti of the DOJ's Criminal Division.

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