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

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.