June 07, 2013
The former chief financial officer of Chinese oil services firm SinoTech Energy Ltd. had securities fraud charges against him dropped Thursday after a federal judge in Louisiana dismissed claims he lied to investors about how $120 million raised from a 2010 IPO was used.
April 23, 2012
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.