SogoTrade
Data Breach Class Action Lawsuit

Posted: May 8, 2025 -- Attention, victims of the SogoTrade data breach.

Abington Cole + Ellery is investigating the data breach recently announced by SogoTrade.

SogoTrade Data Breach Summary:

Approximately 48,000 individuals were affected by the SogoTrade data breach.

Breached data may include, but is not necessarily limited to: first and last names, financial account numbers, Social Security Numbers, and/or tax identification numbers.

In May 2025, SogoTrade, Inc., a U.S.-based brokerage firm, disclosed a data breach that occurred on May 8, 2024, but was not discovered until March 18, 2025. The breach involved unauthorized access to customer information, including names, Social Security numbers, and financial account details. Upon discovery, SogoTrade initiated an internal investigation and engaged cybersecurity experts to assess the extent of the breach. The company also notified affected customers and offered credit monitoring services through Cyberscout. (Cyber News Live via X)

The breach was publicly acknowledged on May 2, 2025, nearly two months after its discovery. Although the delay in detection and notification may be concerning to customers and cybersecurity professionals regarding the company's incident detection and response protocols, the delays could be attributed to investigation and/or reporting mandates. The extended period between the breach occurrence and its detection could also raise questions regarding SogoTrade's security monitoring systems, but it is too early to tell for sure. The company has since stated that it is reviewing and enhancing its cybersecurity measures to prevent future incidents.

As a result of the data breach, SogoTrade is offering 12 months of free credit monitoring and/or identity theft protection services to some affected individuals.

Additional information about the SogoTrade data breach may be found here: SogoTrade Data Breach Notification.

About SogoTrade:

SogoTrade, Inc. is a U.S.-based brokerage firm established in 1986, offering online trading services for stocks, options, exchange-traded funds (ETFs), and cryptocurrencies. The company operates under the oversight of the Financial Industry Regulatory Authority (FINRA) and is a member of the Securities Investor Protection Corporation (SIPC), providing certain protections for its clients' securities and cash balances. SogoTrade's clearing services are managed by Apex Clearing, which offers additional insurance coverage beyond SIPC limits. (SogoTrade.com)

SogoTrade provides multiple trading platforms, including SogoTrader, SogoOptions, and SogoTrade Pro, accessible via web and mobile applications. These platforms support various order types and offer tools for market analysis. The firm also offers a "Get Paid to Trade" program, where certain limit orders may qualify for a rebate, subject to specific conditions. Additionally, SogoTrade facilitates cryptocurrency trading through a partnership with Bakkt, allowing clients to trade a selection of digital assets. (SogoTrade.com)

Beyond self-directed trading, SogoTrade offers asset management services through SogoTrade Asset Management (SAM), a registered investment advisor. SAM provides discretionary portfolio management and financial planning services. Clients can access educational resources and research tools to support their investment decisions. SogoTrade serves both domestic and international clients, offering support in multiple languages, including Chinese. (SogoTrade.com)

The SogoTrade Website may have additional information about or provide periodic updates regarding the data breach.

For more information about steps you can take to possibly reduce the chances harm arising from a data breach, please review the following article: What are some steps you can take if you've been the victim of a data breach?

If you believe you are a victim of the SogoTrade data breach, and if you would like to volunteer to serve as a class representative in a class action lawsuit regarding this data breach, please submit your information via the form on this webpage. This website is not associated with nor authorized by SogoTrade or any affiliated companies. If you have received any other data breach notifications, you may to review Abington Cole + Ellery's current list of data breach investigations.