Defendant Name:
China Natural Gas, Inc.
Defendant Type:
Public Company
Document Reference:
2012-92
Document Details
Legal Case Name
SEC v. China Natural Gas, Inc. and Qinan Ji
Document Name
SEC Charges China-Based Company and Executive for Concealing Loans to Benefit His Family
Document Date
14-May-2012
Document Format
Civil Proceeding
Case Number
12-cv-03824
Federal District Court
New York, Southern District of New York
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On May 14, 2012, the SEC charged China Natural Gas, Inc. and its executive for defrauding investors by secretly loaning company funds to benefit his son and nephew while failing to disclose the true nature of the loans. According to the SEC, Ji coordinated short-term loans benefiting a nephew and business partner.
Related Documents:
SEC Charges China Natural Gas and its Chairman for Concealing Loans to Benefit His Family
On May 14, 2012, the SEC issued a litigation release announcing that it charged China Natural Gas, Inc. and its chairman and former CEO for defrauding investors by secretly loaning company funds to benefit the CEO's family while failing to disclose the true nature of the loans.
Complaint
On May 14, 2012, the SEC charged China Natural Gas, Inc. and Qinan Ji. According to the complaint: "This case involves the fraudulent concealment of two related party loans by defendant [China Natural Gas, Inc. ('CHNG')], a U.S. public corporation, and defendant [Qinan] Ji, CHNG's chairman and former CEO, and CHNG's failure to timely and properly report a material acquisition in 2008."
Final Judgment as to Defendant China Natural Gas, Inc.
On June 5, 2013, Federal District Judge Paul G. Gardephe entered final judgment against China Natural Gas, Inc. pursuant to the consent of China Natural Gas, Inc.
China Natural Gas and Executive Settle Fraud Charges
On June 7, 2013, the SEC published a litigation release regarding this matter. According to the SEC: "on June 5, 2013, the U.S. District Court for the Southern District of New York entered settled final judgments as to defendants China-based China Natural Gas Inc. and its chairman and former CEO Qinan Ji. The defendants have agreed to pay penalties to settled fraud charges the SEC brought against them last year for secretly loaning company funds to benefit Ji's son and nephew while failing to disclose the true nature of the loans."
Other Defendants in Action:
