3 Ex-Xinhua Execs Indicted Over $50M Fraud

Law360, New York (May 10, 2011, 10:35 PM EDT) -- A grand jury in Washington on Tuesday indicted three former executives of Chinese financial information service Xinhua Finance Ltd. for allegedly defrauding investors in a $50 million insider trading scam.

Federal prosecutors claim that former Xinhua Finance CEO Loretta Fredy Bush and two other executives ran an insider trading scheme by using third parties to hide transactions in the U.S, charging them with 10 counts of conspiracy, mail fraud and false statements.

The prosecution is the continuation of an ignominious chapter in the story of Xinhua...
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