Defendant Name: L&L Energy, Inc.

Defendant Type: Public Company
SIC Code: 9999
CUSIP: 50162D10

Document Reference: 33-9565

Document Details

Legal Case Name In the Matter of L&L Energy, Inc. and Dickson Lee, CPA
Document Name Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Sections 4C and 21C of the Securities Exchange Act of 1934 and Rule 102(e) of the Commission's Rules of Practice and Notice of Hearing
Document Date 27-Mar-2014
Document Format Administrative Proceeding
File Number 3-15815
AAER 3545
Allegation Type Issuer Reporting and Disclosure
Document Summary On March 27, 2014, the SEC issued an order instituting administrative proceedings pursuant to Section 8A of the Securities Act and Sections 4C and 21C of the Exchange Act against L&L Energy, Inc. and Dickson Lee, CPA. The SEC alleged that L&L Energy and Lee operated a fraudulent scheme to create the appearance the company was run by a professional management team and conceal Lee's single-handed control of the company. From August 2008 to June 2009, L&L misrepresented to the public that in had certain persons serving in executive management roles in the company when those persons served in no such roles. L&L made materially false and misleading statements on an application to become listed on the NASDAQ. For this conduct, the SEC alleged that L&L violated Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, Section 13(a) of the Exchange Act, and Section 17(a) of the Securities Act.

Related Documents:

2014-59 27-Mar-2014 Press Release--Administrative Proceeding
SEC Announces Fraud Charges Against Coal Company and CEO for False Disclosures About Management
On March 27, 2014, the SEC announced fraud charges against L&L Energy, Inc. ("L&L Energy"), a Seattle-headquartered coal company, and its founder Dickson Lee ("Lee") for making false disclosures about who was running the company. According to the SEC's order against Lee and L&L Energy, the false representations began in the annual report for 2008 and continued with quarterly filings in 2009. The SEC alleges that Lee and L&L Energy with violation of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The order also alleges other violations of rules under the Exchange Act concerning Sarbanes-Oxley certifications, disclosure controls and procedures, and obtaining and retaining electronic signatures on filings. The order seeks disgorgement and financial penalties against L&L Energy and Lee, as well as an officer-and-director bar against Lee.
AP-1360 03-Apr-2014 ALJ Order
Order Staying Proceeding
On April 3, 2014, Chief Administrative Law Judge Brenda P. Murray granted to the U.S. Attorney's Office "the Application to Intervene, Motion to Stay, and Motion to Toll, and [ordered] this proceeding STAYED pending resolution of the criminal proceeding."
ap-1699 14-Aug-2014 ALJ Order
Order Continuing Stay
On August 14, 2014, the Administrative Law Judge issued an order of continuing stay to the US attorney to intervene and stay the administrative proceeding pending resolution of related criminal proceeding.
ap-2064 01-Dec-2014 ALJ Order
Order Continuing Stay
On December 1, 2014, Chief Administrative Law Judge Brenda P. Murray continued the stay the administrative proceeding against respondents. The stay was first granted pending resolution of the criminal proceeding, United States v. Lee. While Lee pled guilty to securities fraud, plea negotiations with L&L continue in face of a trial date of February 17, 2015. A telephonic prehearing conference was scheduled for March 3, 2015 to assess whether the stay is still needed.
AP-2360 26-Feb-2015 ALJ Order
Order Continuing Stay
On February 26, 2015, Chief Administrative Law Judge Brenda P. Murray continued the stay on proceedings against L&L Energy Inc. in anticipation of a sentencing hearing for L&L Energy, Inc. in a parallel criminal proceeding scheduled for April 24, 2015. A telephonic prehearing conference was also scheduled for May 5, 2015 to assess whether the stay is still needed.
ap-2599 28-Apr-2015 ALJ Order
Order Lifting Stay
On April 28, 2015, Chief Administrative Law Judge Brenda P. Murray lifted the stay on administrative proceedings in light of the resolution of a criminal case against respondents.
ap-2636 06-May-2015 ALJ Order
Order Following Prehearing Conference
On May 6, 2015, Chief Administrative Law Judge Brenda P. Murray entered an Order Following Prehearing Conference.
AP-3354 30-Nov-2015 ALJ Order
Order Directing Supplemental Briefing
On November 30, 2015, Chief Administrative Law Judge Brenda P. Murray entered an order requiring additional briefing by December 30, 2015, "on the issue of disgorgement in hopes that the Division can provide any additional evidence regarding its requested disgorgement amount." Previously, the Division of Enforcement filed a motion for default and sanctions on May 29, 2015 seeking an order that L&L disgorge the approximately $750,000 that L&L raised "through its stock offering during the period of its alleged fraud."
id962bpm 17-Feb-2016 ALJ Initial Decision
Initial Decision on Default
On February 17, 2016, Chief Administrative Law Judge Brenda P. Murray entered Initial Decision against L&L Energy, Inc.

Other Defendants in Action:

Dickson Lee

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