SEC Wins $33M Judgment Against Chinese Cos. In Fraud Suit

Law360, Los Angeles (March 10, 2014, 8:14 PM EDT) -- A New York federal judge on Monday entered default judgment in favor of the U.S. Securities and Exchange Commission and against two Chinese electronic companies accused of misleading investors about the use of money from public offerings, ordering the companies to pay a total of almost $33 million.

The SEC filed suit in July, accusing China Intelligent Lighting & Electronics Inc. and NIVS IntelliMedia Technology Group Inc. of misleading investors regarding how they spent $29 million from their public offerings and covering up the alleged fraud...
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