Ex-Xinhua Execs Face Prison In $50M Insider Trading Case

Law360, New York (May 1, 2013, 5:49 PM EDT) -- A Washington federal judge on Monday sentenced two former Xinhua Finance Ltd. board members and the financial information company’s ex-CEO to prison for conspiracy to obstruct the Internal Revenue Service, after the government accused them of running a $50 million insider trading scheme.

U.S. District Judge Royce C. Lamberth sentenced ex-Xinhua Finance CEO Loretta Fredy Bush, of Shanghai, to one month in prison, while two former board members for the Chinese company — Dennis L. Pelino of Miami Beach, Fla., and Shelly S. Singhal of Newport...
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