Defendant Name:
Sinotech Energy Limited
Defendant Type:
Public Company
SIC Code:
9999
CUSIP:
82935910
Initial Case Details
Legal Case Name
SEC v. SinoTech Energy Limited, Qingzeng Liu, Guoqiang Xin, and Boxun Zhang
First Document Date
23-Apr-2012
Initial Filing Format
Civil Proceeding
Case Number
12-cv-00960
Allegation Type
Issuer Reporting and Disclosure
Federal District Court
Louisiana, Western District of Louisiana
Violations Alleged
•
Sec 17(a) (Not specified)
•
Rule 13a-16 Exchange Act
Additionally,
Guoqiang Xin is alleged to have aided and abetted Sinotech Energy Limited's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Guoqiang Xin is alleged to have controlled Sinotech Energy Limited's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Qingzeng Liu is alleged to have aided and abetted Sinotech Energy Limited's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Qingzeng Liu is alleged to have controlled Sinotech Energy Limited's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Boxun Zhang is alleged to have aided and abetted Sinotech Energy Limited's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Guoqiang Xin is alleged to have aided and abetted Sinotech Energy Limited's violation of Rule 12b-20 of the Exchange Act.
Guoqiang Xin is alleged to have controlled Sinotech Energy Limited's violation of Rule 12b-20 of the Exchange Act.
Qingzeng Liu is alleged to have aided and abetted Sinotech Energy Limited's violation of Rule 12b-20 of the Exchange Act.
Qingzeng Liu is alleged to have controlled Sinotech Energy Limited's violation of Rule 12b-20 of the Exchange Act.
Boxun Zhang is alleged to have aided and abetted Sinotech Energy Limited's violation of Rule 12b-20 of the Exchange Act.
Guoqiang Xin is alleged to have aided and abetted Sinotech Energy Limited's violation of Sec 13(a) of the Exchange Act.
Guoqiang Xin is alleged to have controlled Sinotech Energy Limited's violation of Sec 13(a) of the Exchange Act.
Qingzeng Liu is alleged to have aided and abetted Sinotech Energy Limited's violation of Sec 13(a) of the Exchange Act.
Qingzeng Liu is alleged to have controlled Sinotech Energy Limited's violation of Sec 13(a) of the Exchange Act.
Boxun Zhang is alleged to have aided and abetted Sinotech Energy Limited's violation of Sec 13(a) of the Exchange Act.
Guoqiang Xin is alleged to have aided and abetted Sinotech Energy Limited's violation of Rule 13a-1 of the Exchange Act.
Guoqiang Xin is alleged to have controlled Sinotech Energy Limited's violation of Rule 13a-1 of the Exchange Act.
Qingzeng Liu is alleged to have aided and abetted Sinotech Energy Limited's violation of Rule 13a-1 of the Exchange Act.
Qingzeng Liu is alleged to have controlled Sinotech Energy Limited's violation of Rule 13a-1 of the Exchange Act.
Boxun Zhang is alleged to have aided and abetted Sinotech Energy Limited's violation of Rule 13a-1 of the Exchange Act.
Guoqiang Xin is alleged to have aided and abetted Sinotech Energy Limited's violation of Sec 13(b)(2)(A) of the Exchange Act.
Guoqiang Xin is alleged to have controlled Sinotech Energy Limited's violation of Sec 13(b)(2)(A) of the Exchange Act.
Qingzeng Liu is alleged to have aided and abetted Sinotech Energy Limited's violation of Sec 13(b)(2)(A) of the Exchange Act.
Qingzeng Liu is alleged to have controlled Sinotech Energy Limited's violation of Sec 13(b)(2)(A) of the Exchange Act.
Boxun Zhang is alleged to have aided and abetted Sinotech Energy Limited's violation of Sec 13(b)(2)(A) of the Exchange Act.
Guoqiang Xin is alleged to have aided and abetted Sinotech Energy Limited's violation of Sec 13(b)(2)(B) of the Exchange Act.
Guoqiang Xin is alleged to have controlled Sinotech Energy Limited's violation of Sec 13(b)(2)(B) of the Exchange Act.
Qingzeng Liu is alleged to have aided and abetted Sinotech Energy Limited's violation of Sec 13(b)(2)(B) of the Exchange Act.
Qingzeng Liu is alleged to have controlled Sinotech Energy Limited's violation of Sec 13(b)(2)(B) of the Exchange Act.
Boxun Zhang is alleged to have aided and abetted Sinotech Energy Limited's violation of Sec 13(b)(2)(B) of the Exchange Act.
Guoqiang Xin is alleged to have aided and abetted Sinotech Energy Limited's violation of Sec 17(a)(2) of the Securities Act.
Guoqiang Xin is alleged to have controlled Sinotech Energy Limited's violation of Sec 17(a)(2) of the Securities Act.
Boxun Zhang is alleged to have aided and abetted Sinotech Energy Limited's violation of Sec 17(a)(2) of the Securities Act.
Guoqiang Xin is alleged to have aided and abetted Sinotech Energy Limited's violation of Rule 13a-16 Exchange Act.
Guoqiang Xin is alleged to have controlled Sinotech Energy Limited's violation of Rule 13a-16 Exchange Act.
Qingzeng Liu is alleged to have aided and abetted Sinotech Energy Limited's violation of Rule 13a-16 Exchange Act.
Qingzeng Liu is alleged to have controlled Sinotech Energy Limited's violation of Rule 13a-16 Exchange Act.
Boxun Zhang is alleged to have aided and abetted Sinotech Energy Limited's violation of Rule 13a-16 Exchange Act.
Resolutions
First Resolution Date
21-Dec-2012
Related Documents:
SEC Sues Chairman of SinoTech Energy for Misappropriating $40 Million of Company Cash, and SinoTech for Falsifying Asset Values
On April 23, 2012 the SEC published a litigation release regarding this matter. According to the release: "On April 23, 2012, the Commission filed suit in U.S. District Court in Lake Charles, Louisiana against China-based SinoTech Energy Limited, its Chairman and controlling shareholder, Qingzeng Liu, its CEO, Guoqiang Xin, and its former CFO, Boxun Zhang, charging the defendants with securities fraud and other violations.... The Commission alleges that Liu misappropriated more than $40 million from SinoTech's primary bank account during July and August 2011. According to the Commission, he then stood silently by in August 2011 as SinoTech attempted to counter public accusations of fraud by claiming the company held $93 million in its bank accounts -- a statement Liu and SinoTech knew was false.... The Commission further alleges that, since its November 2010 IPO, SinoTech has intentionally misled investors about its use of IPO proceeds and the value of its assets, specifically the lateral hydraulic drilling ('LHD') units that are central to its business."
Complaint
On April 23, 2012, the SEC filed a complaint against Sinotech Energy Limited in US District Court for the Western District of Louisiana. The SEC alleged that after SinoTech's $120 million IPO the company materially misrepresented teh value of the company in numerous filings and press releases. Because of this, the SEC alleged that SinoTech violated Sections 13(a), 13(b)(2)(A), 13(b)(2)(B), 10(b) and Rule 10b-5 thereunder of the Exchange Act, and Section 17(a)(2) of the Securities Act.
2012-74
23-Apr-2012
Press Release--Civil Action
SEC Charges Chinese Company and Executives with Lying About Asset Values and Use of IPO Proceeds; Company's Chairman Accused of $40 Million Theft
n April 23, 2012, the SEC charged a SinoTech Energy Limited, a China-based oil field services company and two senior officers involved in a scheme to intentionally mislead investors about the value of its assets and its use of $120 million in IPO proceeds. According to the Commission, "SinoTech Energy Limited grossly overstated the value of its primary operating assets in financial statements, specifically the lateral hydraulic drilling (LHD) units that are central to its business."
Final Judgment as to Defendant Sinotech Energy Limited
On December 21, 2012, Judge Patricia Minaldi, pursuant to SinoTech Energy Limited's consent, entered Final Judgment as to defendant Sinotech Energy Limited.
Other Defendants in Action:
