{"id":1291,"date":"2013-07-31T14:59:35","date_gmt":"2013-07-31T14:59:35","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2013\/07\/spotlight_on_the_sec_regulator"},"modified":"2022-03-10T16:37:55","modified_gmt":"2022-03-10T22:37:55","slug":"spotlight-on-the-sec-regulator","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/spotlight-on-the-sec-regulator\/","title":{"rendered":"Spotlight on the SEC: Regulator Sues China Entities for Fraud and Votes to Turn Down Falcone-Related Securities Settlements"},"content":{"rendered":"

\t\t\t\tTwo China Companies Slapped With SEC Securities Lawsuit For Allegedly Fraudulent Scams<\/strong><\/p>\n

In the U.S. District Court for the Southern District of New York, the Securities and Exchange Commission is suing consumer electronic company NIVS IntelliMedia Technology Group Inc., lighting company China Intelligent Lighting and Electronics Inc., and the Chinese companies’ CEOs Tianfu Li and Xuemei Li, who are siblings, for taking part in allegedly fraudulent scams to raise offering proceeds and then divert them. The regulator believes that they lied to auditors and made filings that were materially misleading to hide their purported misconduct.<\/p>\n

In a release, the SEC says that NIV and CIL are US issuers that raised about $21.5 million and $7 million, respectively, in public registered offerings in American capital markets in 2010. The siblings then allegedly took most of the funds from the companies’ accounts and diverted the offering proceeds from what the offering documents said they would be used for. The Commission wants disgorgement and prejudgment interest, injunctive relief, civil penalties, and other relief that is deemed appropriate.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Two China Companies Slapped With SEC Securities Lawsuit For Allegedly Fraudulent Scams In the U.S. District Court for the Southern District of New York, the Securities and Exchange Commission is suing consumer electronic company NIVS IntelliMedia Technology Group Inc., lighting company China Intelligent Lighting and Electronics Inc., and the Chinese companies’ CEOs Tianfu Li and […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3801,3741],"tags":[],"class_list":["post-1291","post","type-post","status-publish","format-standard","hentry","category-sec","category-securities-fraud"],"yoast_head":"\nSpotlight on the SEC: Regulator Sues China Entities for Fraud and Votes to Turn Down Falcone-Related Securities Settlements — Investor Lawyers Blog — July 31, 2013<\/title>\n<meta name=\"description\" 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