Top officers at China Northeast Petroleum swiped millions of dollars
during and after the company's 2009 IPO, the SEC claims in Federal
Court.
The SEC sued China Northeast Petroleum Holdings, its CEO Wang Hongjun, its co-founder/Wang's mother Ju Guizhu, and Jiang Chao, a Chinese citizen who lives in New Jersey and is the company's vice president of finance.
The agency also sued Wang's wife and Jiang's father, both of whom allegedly received money from the deals.
China Northeast Petroleum was formed by a reverse merger, the SEC says in its 27-page complaint. It is, or was, "purportedly engaged in oil exploration, drilling, and production in the People's Republic of China," the complaint states.
Read more: http://www.courthousenews.com/2012/11/30/52696.htm
The SEC sued China Northeast Petroleum Holdings, its CEO Wang Hongjun, its co-founder/Wang's mother Ju Guizhu, and Jiang Chao, a Chinese citizen who lives in New Jersey and is the company's vice president of finance.
The agency also sued Wang's wife and Jiang's father, both of whom allegedly received money from the deals.
China Northeast Petroleum was formed by a reverse merger, the SEC says in its 27-page complaint. It is, or was, "purportedly engaged in oil exploration, drilling, and production in the People's Republic of China," the complaint states.
Read more: http://www.courthousenews.com/2012/11/30/52696.htm
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