Ex-Xinhua Finance Board Member Denies Insider Trading

Law360, New York (May 24, 2011, 7:54 PM EDT) -- A former Xinhua Finance Ltd. board member on Tuesday entered a plea of not guilty to charges in Washington federal court that he participated in an insider trading scam that defrauded investors out of $50 million and that he lied to investigators.

Shelly Singhal, who headed the company's audit committee, made his first court appearance since his May 10 indictment. A second Xinhua Finance board member, compensation committee head Dennis Pelino, also reportedly pled not guilty, while the company's former CEO, Loretta Fredy Bush, did not...
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