Defendant Name: Universal Travel Group

Defendant Type: Public Company
SIC Code: 4729
CUSIP: 91388Q20

Initial Case Details

Legal Case Name SEC v. Universal Travel Group, Jiangping Jiang and Jiang Xie
First Document Date 27-Sep-2013
Initial Filing Format Civil Proceeding
Case Number 13-cv-01492
Allegation Type Issuer Reporting and Disclosure
Federal District Court District of Columbia, District of Columbia

Violations Alleged

Exchange Act
• Sec 10(b) + Rule 10b-5
• Rule 12b-20
• Sec 13(a)
• Rule 13a-1
• Rule 13a-13
• Rule 13a-14
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)
• Sec 13(b)(5)
Securities Act
• Sec 17(a) (Not specified)
Other
• Rule 13b2-1 Exchange Act
Additionally, Jiangping Jiang is alleged to have aided and abetted Universal Travel Group's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act (willfully/knowingly).
Jing Xie is alleged to have aided and abetted Universal Travel Group's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act (willfully/knowingly).
Jiangping Jiang is alleged to have aided and abetted Universal Travel Group's violation of Rule 12b-20 of the Exchange Act (willfully/knowingly).
Jing Xie is alleged to have aided and abetted Universal Travel Group's violation of Rule 12b-20 of the Exchange Act (willfully/knowingly).
Jiangping Jiang is alleged to have aided and abetted Universal Travel Group's violation of Sec 13(a) of the Exchange Act (willfully/knowingly).
Jing Xie is alleged to have aided and abetted Universal Travel Group's violation of Sec 13(a) of the Exchange Act (willfully/knowingly).
Jiangping Jiang is alleged to have aided and abetted Universal Travel Group's violation of Rule 13a-1 of the Exchange Act (willfully/knowingly).
Jing Xie is alleged to have aided and abetted Universal Travel Group's violation of Rule 13a-1 of the Exchange Act (willfully/knowingly).
Jiangping Jiang is alleged to have aided and abetted Universal Travel Group's violation of Rule 13a-13 of the Exchange Act (willfully/knowingly).
Jing Xie is alleged to have aided and abetted Universal Travel Group's violation of Rule 13a-13 of the Exchange Act (willfully/knowingly).
Jiangping Jiang is alleged to have aided and abetted Universal Travel Group's violation of Sec 13(b)(2)(A) of the Exchange Act (willfully/knowingly).
Jing Xie is alleged to have aided and abetted Universal Travel Group's violation of Sec 13(b)(2)(A) of the Exchange Act (willfully/knowingly).
Jiangping Jiang is alleged to have aided and abetted Universal Travel Group's violation of Sec 13(b)(2)(B) of the Exchange Act (willfully/knowingly).
Jing Xie is alleged to have aided and abetted Universal Travel Group's violation of Sec 13(b)(2)(B) of the Exchange Act (willfully/knowingly).
Jiangping Jiang is alleged to have aided and abetted Universal Travel Group's violation of Sec 17(a) (Not specified) of the Securities Act (willfully/knowingly).
Jing Xie is alleged to have aided and abetted Universal Travel Group's violation of Sec 17(a) (Not specified) of the Securities Act (willfully/knowingly).

Resolutions

First Resolution Date 27-Sep-2013
Headline Total Penalty and Disgorgement $935,000

Related Documents:

LR-22823 27-Sep-2013 Litigation Release
SEC Files Fraud Charges Against Universal Travel Group, Its Former CEO and Chair, Jiangping Jiang, and Its Former Director, Secretary and Interim CFO, Jing Xie
On September 27, 2013, the SEC published litigation release in this matter. According to the release, the SEC filed fraud charges against Universal Travel Group (UTG), its former CEO and chair, Jiangping Jiang, and its former director, Secretary and Interim CFO, Jing Xie. UTG, Jiang, and Xie have agreed to settle the SEC's claim against them.
complaint_13-cv-01492 27-Sep-2013 Complaint
Complaint
In the Complaint, the SEC stated: "In this fraud action, the defendants, Universal Travel Group (UTG), a travel company based in the People's Republic of China ('PRC'); UTG's former Chief Executive Officer Jiangping Jiang ('Jiang'); and UTG's former Chief Financial Officer, Jing Xie ('Xie'), raised approximately $41 million in public and private stock offerings in the United States and defrauded UTG's investors by failing to disclose the risky transfer of the proceeds to numerous unknown parties in Hong Kong and the PRC. The defendants have failed properly to account for the return of those funds to UTG."
court_doc4_13-cv-01492 30-Sep-2013 Court Docket Document
Final Judgment as to Defendant Universal Travel Group
On September 30, 2013, Federal District Judge Ellen S. Huvelle entered final judgment against Universal Travel Group pursuant to the consent of Universal Travel Group.

Other Defendants in Action:

Jiangping Jiang
Jing Xie

Related Actions:

In the Matter of Jing Xie
Jing Xie
In the Matter of EFP Rotenberg, LLP and Nicholas R. Bottini, CPA
EFP Rotenberg, LLP
Nicholas R. Bottini, CPA