Defendant Name: Subaye, Inc.

Defendant Type: Public Company
SIC Code: 4813
CUSIP: 86428D10

Initial Case Details

Legal Case Name SEC v. Subaye, Inc. and James T. Crane
First Document Date 08-May-2013
Initial Filing Format Civil Proceeding
Case Number 13-cv-03114
Allegation Type Issuer Reporting and Disclosure
Federal District Court New York, Southern District of New York

Violations Alleged

Exchange Act
• Sec 10(b) + Rule 10b-5
• Rule 12b-20
• Sec 13(a)
• Rule 13a-1
• Rule 13a-11
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)
Additionally, James T. Crane is alleged to have aided and abetted Subaye, Inc.'s violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
James T. Crane is alleged to have aided and abetted Subaye, Inc.'s violation of Rule 12b-20 of the Exchange Act (willfully/knowingly).
James T. Crane is alleged to have aided and abetted Subaye, Inc.'s violation of Sec 13(a) of the Exchange Act (willfully/knowingly).
James T. Crane is alleged to have aided and abetted Subaye, Inc.'s violation of Rule 13a-1 of the Exchange Act (willfully/knowingly).
James T. Crane is alleged to have aided and abetted Subaye, Inc.'s violation of Rule 13a-11 of the Exchange Act (willfully/knowingly).
James T. Crane is alleged to have aided and abetted Subaye, Inc.'s violation of Sec 13(b)(2)(A) of the Exchange Act (willfully/knowingly).
James T. Crane is alleged to have aided and abetted Subaye, Inc.'s violation of Sec 13(b)(2)(B) of the Exchange Act (willfully/knowingly).

Resolutions

First Resolution Date 08-May-2013

Related Documents:

comp22698 08-May-2013 Complaint
Complaint: Jury Trial Demanded
On May 8, 2013, the SEC filed a civil action against Subaye, Inc. and its former CFO. The SEC complaint stated that: "This case involves a securities fraud perpetrated by Subaye, a China-based company whose stock trades in the United States, and its former Chief Financial Officer, James Crane. During at least 2010-2011, Subaye and Crane engaged in a fraudulent scheme involving misrepresentations about the company's business and operations, deceiving the company's auditors and misleading investors about the company's true status and revenues."
LR-22698 08-May-2013 Litigation Release
SEC Charges China-based Company and Former Chief Financial Officer in Fraudulent Scheme Involving Non-Existent Computing Business
On May 8, 2013, the SEC announced that Subaye, Inc. agreed to settle the matter with the SEC and consented to the entry of a final judgment permanently enjoining Subaye, Inc. from future violations of sections 10(b), 13(a), 13(b)(2)(A) and 13(b)(2)(B) of the Exchange Act of 1934 and Rules 10b-5, 12b-20, 13a-1 and 13a-11 of the Exchange Act.
court_doc8_13-cv-03114 15-May-2013 Court Docket Document
Amended and Revised Final Judgment as to Defendant Subaye, Inc.
On May 15, 2013, Federal District Judge P. Kevin Castel entered final judgment against Subaye, Inc. pursuant to the consent of Subaye, Inc. The Court stated that "based on Defendant's cooperation in a Commission investigation and related enforcement action, the Court is not ordering Defendant to pay a civil penalty."

Other Defendants in Action:

James T. Crane

Related Actions:

In the Matter of James T. Crane, CPA
James T. Crane
In the Matter of Bryce Walker, CA and Spence Walker, CA, CPA
Bryce Walker, CA
Spence Walker, CA, CPA