Stay up-to-date with the latest developments in securities law through access to both news and all statutes and regulations. Find relevant corporate filings through a searchable EDGAR database. And...
June 27 — China-based Longwei Petroleum Investment Holding Ltd. and its chief financial officer Michael Toups made fraudulent misrepresentations about the concern's storage capacity, the Securities and Exchange Commission alleged ( SEC v. Toups, M.D. Fla., No. 16-1798, 6/27/16 ).
Toups and Longwei also allegedly misled Longwei warrant holders into exercising their warrants in a bid to inject needed funds into the company, the SEC said. In addition, Toups and Longwei allegedly omitted key facts about the company's response to a third-party research firm's claims that Longwei “was a `massive fraud' with little to no observable business activity at its storage depots.”
The agency is asking the court to order permanent injunctions, civil money penalties, disgorgement plus prejudgment interest, and an officer/ director bar against Toups. The commission also launched an administrative proceeding against Longwei to decide whether to suspend or revoke the registration of its securities ( In re Longwei Petroleum Inv. Holding Ltd., SEC, Admin. Proc. File No. 3-17316, 6/27/16 ).
The complaint was filed June 27 in the U.S. District Court for the Middle District of Florida. Counsel to the defendants couldn't be identified immediately for comment.
To see the complaint, go to http://www.bloomberglaw.com/public/document/Securities_and_Exchange_Commission_v_Toups_et_al_Docket_No_816cv0. To see the administrative order, go to http://src.bna.com/gh4
Copyright © 2016 The Bureau of National Affairs, Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)