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...
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