SEC Sues SinoTech Bosses For Alleged IPO Lies

Law360, New York (April 23, 2012, 5:31 PM EDT) -- The U.S. Securities and Exchange Commission on Monday sued Chinese oil field services business SinoTech Energy Ltd. and company heads who allegedly lied about an $120 million initial public offering and outright stole $40 million, an action that follows private investor complaints.

The SEC says the CEO and chief financial officer of SinoTech — the once Nasdaq-traded U.S. unit of a company whose main operations are in China — lied to investors about how much drilling equipment it had purchased with $120 million raised in a...
To view the full article, register now.




Case Information

Case Title

Securities & Exchange Commission v. Sinotech Energy Ltd et al

Case Number



Louisiana Western

Nature of Suit



Patricia Minaldi

Date Filed

April 23, 2012


Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.