Ex-CNEP Execs Siphoned Funds To Relatives, DOJ Says

Law360, New York (May 28, 2013, 7:40 PM EDT) -- The U.S. Department of Justice said Tuesday that it had charged former top executives of China North East Petroleum Holdings Ltd. with defrauding investors in connection with two separate stock offerings worth $40 million, by secretly diverting proceeds to family members.

Former CNEP President and CEO Hongjun Wang, 41, and former Vice President of Corporate Finance Chao Jiang, 32, Chinese nationals residing in California and New York, respectively, were charged with one count of conspiracy to commit wire and securities fraud and four counts of securities...
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