Defendant Name:
China Northeast Petroleum Holdings Limited
Defendant Type:
Public Company
SIC Code:
1311
CUSIP:
16941G10
Initial Case Details
Legal Case Name
SEC v. China North East Petroleum Holdings Limited; Wang Hongjun; Ju Guizhi; and Jiang Chao, Defendants, Jiang Mingfu; and Sun Jishuang, Relief Defendants
First Document Date
29-Nov-2012
Initial Filing Format
Civil Proceeding
Case Number
12-cv-08696
Allegation Type
Issuer Reporting and Disclosure
Federal District Court
New York, Southern District of New York
Violations Alleged
•
Sec 17(a) (Not specified)
•
Rule 13b2-1 Exchange Act
Additionally,
Hongjun Wang is alleged to have aided and abetted China Northeast Petroleum Holdings Limited's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act (willfully/knowingly).
Hongjun Wang is alleged to have controlled China Northeast Petroleum Holdings Limited's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Guizhi Ju is alleged to have aided and abetted China Northeast Petroleum Holdings Limited's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act (willfully/knowingly).
Guizhi Ju is alleged to have controlled China Northeast Petroleum Holdings Limited's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Chao Jiang is alleged to have aided and abetted China Northeast Petroleum Holdings Limited's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act (willfully/knowingly).
Hongjun Wang is alleged to have aided and abetted China Northeast Petroleum Holdings Limited's violation of Sec 13(a) of the Exchange Act (willfully/knowingly).
Hongjun Wang is alleged to have controlled China Northeast Petroleum Holdings Limited's violation of Sec 13(a) of the Exchange Act.
Guizhi Ju is alleged to have aided and abetted China Northeast Petroleum Holdings Limited's violation of Sec 13(a) of the Exchange Act (willfully/knowingly).
Guizhi Ju is alleged to have controlled China Northeast Petroleum Holdings Limited's violation of Sec 13(a) of the Exchange Act.
Chao Jiang is alleged to have aided and abetted China Northeast Petroleum Holdings Limited's violation of Sec 13(a) of the Exchange Act (willfully/knowingly).
Hongjun Wang is alleged to have aided and abetted China Northeast Petroleum Holdings Limited's violation of Rule 13a-1 of the Exchange Act (willfully/knowingly).
Hongjun Wang is alleged to have controlled China Northeast Petroleum Holdings Limited's violation of Rule 13a-1 of the Exchange Act.
Guizhi Ju is alleged to have aided and abetted China Northeast Petroleum Holdings Limited's violation of Rule 13a-1 of the Exchange Act (willfully/knowingly).
Guizhi Ju is alleged to have controlled China Northeast Petroleum Holdings Limited's violation of Rule 13a-1 of the Exchange Act.
Chao Jiang is alleged to have aided and abetted China Northeast Petroleum Holdings Limited's violation of Rule 13a-1 of the Exchange Act (willfully/knowingly).
Hongjun Wang is alleged to have aided and abetted China Northeast Petroleum Holdings Limited's violation of Rule 13a-11 of the Exchange Act (willfully/knowingly).
Hongjun Wang is alleged to have controlled China Northeast Petroleum Holdings Limited's violation of Rule 13a-11 of the Exchange Act.
Guizhi Ju is alleged to have aided and abetted China Northeast Petroleum Holdings Limited's violation of Rule 13a-11 of the Exchange Act (willfully/knowingly).
Guizhi Ju is alleged to have controlled China Northeast Petroleum Holdings Limited's violation of Rule 13a-11 of the Exchange Act.
Chao Jiang is alleged to have aided and abetted China Northeast Petroleum Holdings Limited's violation of Rule 13a-11 of the Exchange Act (willfully/knowingly).
Hongjun Wang is alleged to have aided and abetted China Northeast Petroleum Holdings Limited's violation of Rule 13a-13 of the Exchange Act (willfully/knowingly).
Hongjun Wang is alleged to have controlled China Northeast Petroleum Holdings Limited's violation of Rule 13a-13 of the Exchange Act.
Guizhi Ju is alleged to have aided and abetted China Northeast Petroleum Holdings Limited's violation of Rule 13a-13 of the Exchange Act (willfully/knowingly).
Guizhi Ju is alleged to have controlled China Northeast Petroleum Holdings Limited's violation of Rule 13a-13 of the Exchange Act.
Chao Jiang is alleged to have aided and abetted China Northeast Petroleum Holdings Limited's violation of Rule 13a-13 of the Exchange Act (willfully/knowingly).
Hongjun Wang is alleged to have aided and abetted China Northeast Petroleum Holdings Limited's violation of Sec 13(b)(2)(A) of the Exchange Act (willfully/knowingly).
Hongjun Wang is alleged to have controlled China Northeast Petroleum Holdings Limited's violation of Sec 13(b)(2)(A) of the Exchange Act.
Guizhi Ju is alleged to have aided and abetted China Northeast Petroleum Holdings Limited's violation of Sec 13(b)(2)(A) of the Exchange Act (willfully/knowingly).
Guizhi Ju is alleged to have controlled China Northeast Petroleum Holdings Limited's violation of Sec 13(b)(2)(A) of the Exchange Act.
Chao Jiang is alleged to have aided and abetted China Northeast Petroleum Holdings Limited's violation of Sec 13(b)(2)(A) of the Exchange Act (willfully/knowingly).
Hongjun Wang is alleged to have aided and abetted China Northeast Petroleum Holdings Limited's violation of Sec 13(b)(2)(B) of the Exchange Act (willfully/knowingly).
Hongjun Wang is alleged to have controlled China Northeast Petroleum Holdings Limited's violation of Sec 13(b)(2)(B) of the Exchange Act.
Guizhi Ju is alleged to have aided and abetted China Northeast Petroleum Holdings Limited's violation of Sec 13(b)(2)(B) of the Exchange Act (willfully/knowingly).
Guizhi Ju is alleged to have controlled China Northeast Petroleum Holdings Limited's violation of Sec 13(b)(2)(B) of the Exchange Act.
Chao Jiang is alleged to have aided and abetted China Northeast Petroleum Holdings Limited's violation of Sec 13(b)(2)(B) of the Exchange Act (willfully/knowingly).
Resolutions
First Resolution Date
13-Jul-2015
Headline Total Penalty and Disgorgement
See Related Documents
Related Documents:
Complaint
On November 29, 2012, the SEC filed a complaint against the company. The SEC alleged that China North East Petroleum Holdings Limited in two public offerings stated to investors that offering proceeds would be used "to fund future business expansion and for general working capital purposes." Instead, the SEC alleged that that the proceeds were diverted "to corporate insiders and their family members in a manner that was neither disclosed to investors nor consistent with [China North's] representations to investors concerning the intended and permissible uses of the offering proceeds." The SEC also alleged that defendants engaged in fraudulent conduct in connection with "at least 176 undisclosed, related party transactions."
SEC Files Fraud Charges Against China North East Petroleum Holdings Limited; Its CEO, President and Former Chairman; Its Founder and Former Director; and Its Vice President and Secretary
On November 30, 2012, the SEC issued a litigation release, announcing that it filed a complaint against the company. The SEC alleged that China North East Petroleum Holdings Limited in two public offerings stated to investors that offering proceeds would be used "to fund future business expansion and for general working capital purposes." Instead, the SEC alleged, the proceeds were diverted "to corporate insiders and their family members in a manner that was neither disclosed to investors nor consistent with [China North's] representations to investors concerning the intended and permissible uses of the offering proceeds." The SEC also alleged that defendants engaged in fraudulent conduct in connection with "at least 176 undisclosed, related party transactions."
Clerk's Certificate Noting Defaults as to Defendants China North East Petroleum Holdings Limited and Wang Hongjun (a/k/a Hongjun Wang)
By Order dated November 20, 2014, the Court permitted China North East Petroleum (CNEP)'s counsel to withdraw and ordered CNEP to retain new counsel or face the entry of a default judgment. On July 13, 2015, the Clerk of Court noted that more than thirty days have elapsed since the Order and noted the entry of default judgment against CNEP and Wang Hongjun.
Final Default Judgment as to Defendants China North East Petroleum Holdings Limited, Hongjun Wang, and Ju Guizhi, and Relief Defendant Jishuang Sun
The Court stated: "The Court has determined that the requested default judgment as modified is appropriate based on the allegations in the Complaint, the failure of the Defendants to either appear and respond to the Complaint (Ju) or otherwise defend the case (CNEP, Wang and Sun), and the showing made by the Commission as to the need for the injunctive and monetary relief."
Other Defendants in Action:
