SEC Accuses Chinese Auto Firm Of Stock Market Manipulation

Law360, New York (April 11, 2012, 10:36 PM EDT) -- The U.S. Securities and Exchange Commission on Wednesday accused a Chinese commercial vehicle company of engaging in a manipulative scheme to create the illusion of an active market in the company's stock in order to obtain much-needed financing.

The civil suit — filed against AutoChina International Ltd. and 11 investors, including a senior executive and director at the company — alleges AutoChina and its investors dumped more than $60 million into 26 dummy E-Trade Financial Corp. accounts over four months to boost the average daily trading...
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Case Information

Case Title

Securities and Exchange Commission v. Auto China International Limited,

Case Number




Nature of Suit



George A. OToole, Jr

Date Filed

April 11, 2012

Government Agencies

UK Financial Services

UK Financial Services

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