SEC Accuses SinoTech & It's Top Officials For Lying About Asset Values

On Monday, the Securities and Exchange Commission charged the China-based oil-services company, Sinotech Energy Ltd ADR (PINK:CTESY). and its top executives with allegedly lying about the company’s assets and use of its $120 million IPO proceeds.

In 2010, Sinotech Energy Ltd ADR (PINK:CTESY) went public with an offering priced at $8.50. It didn’t fare very well with the stock dropping 19 percent; it has continued to lose its value. Today, the stock is listed as a pink sheet company, CTESY, and is trading at 0.027.

In a separate charge, SinoTech’s chairman has been accused of stealing $40 million from the company last summer through the corporate bank account according to The Wall Street Journal.

The SEC has alleged that SinoTech “grossly overstated” its primary


Please login to view the rest of this article - Not subscribed? Get our adfree exclusive content for only a few dollars a month.

It also helps us fund our operations so think of it as supporting quality journalism.