Defendant Name:
AutoChina International Limited
Defendant Type:
Public Company
SIC Code:
9999
CUSIP:
G0675010
Initial Case Details
Legal Case Name
SEC v. AutoChina International Limited, Hui Kai Yan, Rui Ge Dong, Victory First Limited, Rainbow Yield Limited, Yong Qi Li, Ai Xi Ji, Ye Wang, Zhong Wen Zhang, Li Xin Ma, Yong Li Li, and Shu Ling Li
First Document Date
11-Apr-2012
Initial Filing Format
Civil Proceeding
Case Number
12-cv-10643
Allegation Type
Market Manipulation
Federal District Court
Massachusetts, District of Massachusetts
Violations Alleged
•
Sec 17(a) (Not specified)
•
Section 9(a) Exchange Act
Additionally,
Victory First Limited is alleged to have aided and abetted AutoChina International Limited's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Rainbow Yield Limited is alleged to have aided and abetted AutoChina International Limited's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Shu Ling Li is alleged to have aided and abetted AutoChina International Limited's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Yong Li Li is alleged to have aided and abetted AutoChina International Limited's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Li Xin Ma is alleged to have aided and abetted AutoChina International Limited's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Ye Wang is alleged to have aided and abetted AutoChina International Limited's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Ai Xi Ji is alleged to have aided and abetted AutoChina International Limited's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Yong Qi Li is alleged to have aided and abetted AutoChina International Limited's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Rui Ge Dong is alleged to have aided and abetted AutoChina International Limited's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Zhong Wen Zhang is alleged to have aided and abetted AutoChina International Limited's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Rainbow Yield Limited is alleged to have caused AutoChina International Limited's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Victory First Limited is alleged to have aided and abetted AutoChina International Limited's violation of Sec 17(a) (Not specified) of the Securities Act.
Rainbow Yield Limited is alleged to have aided and abetted AutoChina International Limited's violation of Sec 17(a) (Not specified) of the Securities Act.
Shu Ling Li is alleged to have aided and abetted AutoChina International Limited's violation of Sec 17(a) (Not specified) of the Securities Act.
Yong Li Li is alleged to have aided and abetted AutoChina International Limited's violation of Sec 17(a) (Not specified) of the Securities Act.
Li Xin Ma is alleged to have aided and abetted AutoChina International Limited's violation of Sec 17(a) (Not specified) of the Securities Act.
Ye Wang is alleged to have aided and abetted AutoChina International Limited's violation of Sec 17(a) (Not specified) of the Securities Act.
Ai Xi Ji is alleged to have aided and abetted AutoChina International Limited's violation of Sec 17(a) (Not specified) of the Securities Act.
Yong Qi Li is alleged to have aided and abetted AutoChina International Limited's violation of Sec 17(a) (Not specified) of the Securities Act.
Rui Ge Dong is alleged to have aided and abetted AutoChina International Limited's violation of Sec 17(a) (Not specified) of the Securities Act.
Zhong Wen Zhang is alleged to have aided and abetted AutoChina International Limited's violation of Sec 17(a) (Not specified) of the Securities Act.
Rainbow Yield Limited is alleged to have caused AutoChina International Limited's violation of Sec 17(a) (Not specified) of the Securities Act.
Victory First Limited is alleged to have aided and abetted AutoChina International Limited's violation of Section 9(a) Exchange Act.
Rainbow Yield Limited is alleged to have aided and abetted AutoChina International Limited's violation of Section 9(a) Exchange Act.
Shu Ling Li is alleged to have aided and abetted AutoChina International Limited's violation of Section 9(a) Exchange Act.
Yong Li Li is alleged to have aided and abetted AutoChina International Limited's violation of Section 9(a) Exchange Act.
Li Xin Ma is alleged to have aided and abetted AutoChina International Limited's violation of Section 9(a) Exchange Act.
Ye Wang is alleged to have aided and abetted AutoChina International Limited's violation of Section 9(a) Exchange Act.
Ai Xi Ji is alleged to have aided and abetted AutoChina International Limited's violation of Section 9(a) Exchange Act.
Yong Qi Li is alleged to have aided and abetted AutoChina International Limited's violation of Section 9(a) Exchange Act.
Rui Ge Dong is alleged to have aided and abetted AutoChina International Limited's violation of Section 9(a) Exchange Act.
Zhong Wen Zhang is alleged to have aided and abetted AutoChina International Limited's violation of Section 9(a) Exchange Act.
Rainbow Yield Limited is alleged to have caused AutoChina International Limited's violation of Section 9(a) Exchange Act.
Resolutions
First Resolution Date
25-Jun-2014
Headline Total Penalty and Disgorgement
$6,000,000
Related Documents:
SEC Charges China-Based Company and Others with Stock Manipulation
On April 11, 2012, the SEC published a litigation release regarding this matter. According to the release The SEC is alleging that: "AutoChina senior executive and director Hui Kai Yan, a former AutoChina manager, and others fraudulently traded AutoChina's stock to boost its daily trading volume. Starting in October 2010, the defendants and others deposited more than $60 million into U.S.-based brokerage accounts and engaged in hundreds of fraudulent trades over the next three months through these accounts and accounts with a Hong Kong-based broker-dealer."
Complaint
On April 11, 2012, the SEC filed a complaint alleging that "in late 2010, AutoChina and the other Defendants engaged in a manipulative scheme by artificially boosting the trading volume of AutoChina's stock. The scheme was designed to create the appearance of liquidity of AutoChina's publicly traded stock, enhancing the company's ability to get much-needed financing."
2012-59
11-Apr-2012
Press Release--Civil Action
SEC Charges China-Based Company and Others with Stock Manipulation
On April 11, 2012, the SEC announced that it charged AutoChina International Limited ("AutoChina") and 11 investors, including a senior executive and director at the China-based firm, with conducting a market manipulation scheme to create the false appearance of a liquid and active market for AutoChina's stock. According to the SEC's complaint filed in the U.S. District Court for the District of Massachusetts, AutoChina senior executive and director Hui Kai Yan, a former AutoChina manager, and others fraudulently traded AutoChina's stock to boost its daily trading volume.
District Court Denies China-Based Company's Motion to Dismiss SEC Enforcement Action
On January 24, 2013, the SEC published a litigation release in this matter. According to the release, "the U.S. District Court for the District of Massachusetts denied AutoChina International Limited's motion to dismiss an SEC enforcement action filed in April 2012 for lack of proper venue, or in the alternative, to transfer venue to a federal court in New York. The SEC's complaint, filed April 11, 2012, alleges that AutoChina, a company based in the People's Republic of China, two Virgin Island companies, and nine individuals residing in China fraudulently traded AutoChina's stock to boost its daily trading volume."
Final Judgment as to Defendant AutoChina International Limited
On June 25, 2014, Federal District Judge George A. O'Toole, Jr. entered final judgment against AutoChina International Limited pursuant to the consent of AutoChina International Limited.
Court Enters Judgments Against China-Based Company and Senior Executive in Market Manipulation Scheme; Company Ordered to Pay $4.35 Million Penalty
On June 27, 2014, the Commission announced that "on June 25, 2014, a Massachusetts federal court entered final judgments against Chinabased AutoChina International Limited and its senior executive Hui Kai Yan, defendants in a fraud action filed by the Commission in 2012."
Other Defendants in Action:
