Puda Coal Chairman Targeted In SEC Probe

Law360, New York (September 8, 2011, 1:51 PM EDT) -- Puda Coal Inc. on Thursday confirmed that the U.S. Securities and Exchange Commission had informed company Chairman Ming Zhao that its staff recommended taking civil action against him over alleged violations of securities laws.

The statement contained few details about the Wells Notice, dated Sept. 1, but the chairman has been embroiled in a scandal in recent months in connection with his alleged clandestine looting of the company.

“The staff of the SEC has offered Mr. Zhao the opportunity to make a written or videotaped submission...
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