US SEC charges China-based company with fraud
Updated: 2013-06-21 09:33
(Xinhua)
|
|||||||||
WASHINGTON - The US Securities and Exchange Commission (SEC) on Thursday charged a China-based company and the Chief Executive officer (CEO) with fraudulently misleading investors about its financial condition.
The SEC alleged that China MediaExpress, a company providing television advertising services on buses, began falsely reporting significant increases in its business operations, financial condition and profits almost immediately upon becoming a US publicly-traded company in October 2009.
The SEC also said that the company falsely stated in public filings which the company's chairman and CEO Zheng Cheng signed and attested to their accuracy.
"China MediaExpress and Zheng falsely reported whopping increases in its cash balances and deceptively raised money from stock sales. Today's action demonstrates the Commission's commitment to policing financial fraud in the US markets," said Antonia Chion, Associate Director in the SEC's Division of Enforcement.
The SEC has filed fraud cases against more than 65 foreign issuers or executives and deregistered the securities of more than 50 companies, according to the SEC's Cross-Border Working Group that focuses on companies with substantial foreign operations that are publicly traded in the United States.
- China's CCB lashes out at U.S. SEC chairman
- US SEC questions China Life's offer
- US SEC eyes AOL's accounting
- Two US marine field commanders from the 15-th Marine Expeditionary Unit speak in front of a group of CH-46E Sea Knight helicopters during a drill in the Kuwaiti desert on February 23, 2003. US Sec
- 'Dark Knight' producer to make big-budget films with Chinese company
- Chinese companies to build hydro-power plants for Nigeria
- Chinese Companies' Overseas Footprint
- Chinese companies increase stake in US
- 7 injured at Beckham event
- A science class from above Earth
- Chinese telecom companies call on Myanmar
- June PMI signals weakness
- Rising demand sends producers overseas
- Michelle lays roses at site along Berlin Wall
- Historic space lecture in Tiangong-1 commences
- 'Sopranos' Star James Gandolfini dead at 51
Most Viewed
Editor's Picks
Passing down the business |
Pumping up power of consumption |
From China with love and care |
From the classroom to the boardroom |
Schools open overseas campus |
Domestic power of new energy |
Today's Top News
China urges resumption of six-party talks
SEC charges China-based firm with fraud
Bank of China denies monetary default report
Snowden's future hangs in balance
China reiterates support for the UN
Dairy measures start at source
June PMI signals weakness
Drug-related crimes on the rise in Xinjiang
US Weekly
Geared to go |
The place to be |