Defendant Name: Longwei Petroleum Investment Holding Limited

Defendant Type: Public Company
SIC Code: 5171
CUSIP: 54335410

Initial Case Details

Legal Case Name SEC v. Michael P. Toups, and Longwei Petroleum Investment Holding Limited
First Document Date 27-Jun-2016
Initial Filing Format Civil Proceeding
Case Number 16-cv-01798
Allegation Type Issuer Reporting and Disclosure
Federal District Court Florida, Middle District of Florida

Violations Alleged

Exchange Act
Sec 10(b) + Rule 10b-5
Rule 12b-20
Sec 13(a)
Rule 13a-1
Rule 13a-13
Securities Act
Sec 17(a) (Not specified)


First Resolution Date 03-Jul-2019

Related Documents:

lr23584-c 27-Jun-2016 Complaint
Complaint and Demand for Jury Trial; Injunctive Relief Sought
In the Complaint the SEC alleged that: "For years, Longwei held itself out as a petroleum storage and sales company whose main competitive advantage was its sizeable storage capacity. But Longwei routinely overstated its storage capacity, and even after the overstatement was brought to the attention of the company, including its CFO, Defendant Michael Toups, nothing was done to correct the misstatement. Instead, the company continued to falsely tout its storage capacity in public filings and press releases drafted by Toups, intentionally ignoring contrary evidence from its own records, auditors, and consultants. In addition to fraudulent statements regarding its storage capacity, Longwei and Toups conducted a fraudulent scheme to induce the exercise of warrants to purchase Longwei's stock when it was desperate for cash."
LR-23584 27-Jun-2016 Litigation Release
SEC Charges Chinese Fuel Storage Company and Its CFO with Fraud
On June 27, 2016, the SEC announced that it "charged China-based Longwei Petroleum Investment Holding Limited and chief financial officer Michael Toups with fraud and related charges. The SEC complaint alleges that Longwei made numerous false public statements concerning the capacity of its three fuel storage depots in Shanxi Province, China. Longwei and Toups issued periodic filings, and press releases in January, February, and March 2013, that substantially overstated Longwei's storage capacity at those depots."
court_doc51_16-cv-01798 03-Jul-2019 Court Docket Document
Final Judgment as to Defendant Longwei Petroleum Investment Holding Limited
The Court stated: "The Securities and Exchange Commission having filed a Complaint and Defendant Longwei Petroleum Investment Holding Limited having entered a general appearance; consented to the Court's jurisdiction over Defendant and the subject matter of this action; consented to entry of this Final Judgment without admitting or denying the allegations of the Complaint (except as to jurisdiction); waived findings of fact and conclusions of law; and waived any right to appeal from this Final Judgment."

Other Defendants in Action:

Related Actions:

In the Matter of Michael P. Toups
In the Matter of Anderson Bradshaw PLLC, Russell Anderson, CPA, Sandra Chen, CPA, and William Denney, CPA