Former ChinaCast Execs Charged With Fraud, Insider Trading

Law360, Los Angeles (September 26, 2013, 5:34 PM EDT) -- The U.S. Securities and Exchange Commission on Thursday accused the former CEO of ChinaCast Education Corp. of stealing tens of millions of dollars from U.S. public offering investors in a scheme that led to massive losses for the China-based education services provider.

After raising nearly $44 million from investors, ex-CEO and board chairman Chan Tze Ngon, 57, illicitly funneled nearly all the money into a purported subsidiary in which he secretly held a controlling 50 percent stake, the SEC alleges. Chan then allegedly transferred the money...
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