SEC News
- SEC Charges San Diego-Based Promoter in Penny Stock Scheme June 18, 2013FOR IMMEDIATE RELEASE2013-114 Washington, D.C., June 18, 2013 — The Securities and Exchange Commission today charged a penny stock promoter in the San Diego area for fraudulently arranging the purchase of $2.5 million worth of shares in a penny stock company in an attempt to generate the false appearance of market interest and induce other investors to purch […]
- SEC Charges Two Executives in Ponzi Scheme At Dallas-Based Medical Insurance Company June 17, 2013FOR IMMEDIATE RELEASE2013-113 Washington, D.C., June 17, 2013 — The Securities and Exchange Commission today charged two executives at a Dallas-based medical insurance company with operating a $10 million Ponzi scheme that victimized at least 80 investors. Additional Materials SEC Complaint The SEC alleges that Duncan MacDonald and Gloria Solomon solicited i […]
- Amelia Cottrell Named Associate Regional Director for Enforcement in New York Office June 14, 2013FOR IMMEDIATE RELEASE2013-112 Washington, D.C., June 14, 2013 — The Securities and Exchange Commission today announced the promotion of Amelia A. Cottrell to Associate Regional Director for Enforcement in the agency's New York Regional Office. Ms. Cottrell, who came to the SEC in 2005, has been serving as an Assistant Regional Director in the New York o […]
- Former Mutual Fund Directors Agree to Settle Claims That They Failed to Properly Oversee Asset Valuation June 13, 2013FOR IMMEDIATE RELEASE2013-111 Washington, D.C., June 13, 2013 — The Securities and Exchange Commission today announced a settlement in an enforcement proceeding against eight former directors of five Regions Morgan Keegan open- and closed-end funds that were heavily invested in securities backed by subprime mortgages. The proceeding, which began in December […]
- SEC Charges Revlon with Misleading Shareholders in Going Private Transaction June 13, 2013FOR IMMEDIATE RELEASE2013-110 Washington, D.C., June 13, 2013 — The Securities and Exchange Commission today charged cosmetics and beauty care manufacturer Revlon with violating federal securities laws when the company misled shareholders during a "going private transaction." Additional Materials SEC Order Going private transactions can occur in ma […]
TAG | Global Peopleline
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Multiple Chinese Companies Listed on U.S. Stock Exchanges Shut Down by SEC
Comments off · Posted by admin in FINRA
Throughout 2010, the Security and Exchange Commission (SEC) began an investigation into Chinese companies in the United States that became public through a process called “reverse mergers.” The term, reverse merger, is also referred to as a reverse takeover or RTO. In an RTO, a Chinese company is acquired by an American “shell” company. An American shell company is a company which already has stock trading in the U.S., but the company does not operate a business or own assets. These Chinese companis merge into the shell. Through this process, the Chinese company can be brought public without the regulatory scrutiny of the Initial Public Offering (IPO) process in the United Sates.
On February 1, 2011, the SEC charged eight individuals and three RTO companies – China Digital, Global Peopleline and m-Wise – in a $33 million fraud. The SEC alleges that defendants engaged in schemes to pump up the price and trading volume then dumped (sold) millions of shares of these securities into the market making millions of dollars in profits, leaving unsuspecting investors with shares worth next to nothing. Other such examples include China Energy Savings Technology, Fuwei Films, and China Water and Drinks.
The U.S. exchange trade officials have halted the trading of four Chinese companies brought public by WestPark Capital of California. WestPark brought the following four Chinese based companies public: NIVS IntelliMedia (NIV), China Intelligent Lighting and Electronics (CIL), China Century Dragon Media (CDM), and China Electric Motor (CELM). Allegedly to inflate their income statements and assets on their balance sheets.
If you or a family member have lost money in a Chinese company stock listed on a U.S. stock exchange call Soreide Law Group, PLLC, for a free consultation about potentially recovering your investment losses. To speak with an attorney, call 888-760-6552, or visit www.stockmarketlawsuit.com. Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.
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