Ex-SinoTech CFO Escapes Claims He Lied About $120M IPO

Law360, Wilmington (June 7, 2013, 9:06 PM EDT) -- The former chief financial officer of Chinese oil services firm SinoTech Energy Ltd. had securities fraud charges against him dropped Thursday after a federal judge in Louisiana dismissed claims he lied to investors about how $120 million raised from a 2010 IPO was used.

Boxun Zhang, along with former CEO Guoqiang Xin, had been accused by the U.S. Securities and Exchange Commission of telling investors that the company had paid nearly $80 million more than the actual price of hydraulic drilling equipment bought in Louisiana with...
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