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发帖数: 1877 | 1 SEC Obtains Asset Freeze and Other Emergency Relief in Fraudulent Tender
Offer Scheme
June 13, 2014
SECNew York (HedgeCo.Net) – The Securities and Exchange Commission filed an
emergency action ex parte against Luis Chang and Everbright Development
Overseas Limited. The Commission alleges that Defendants Chang and
Everbright victimized an American mining company, Allied Nevada Gold
Corporation (“Allied Nevada”), by furtively buying up its stock,
intentionally disseminating false press releases about a potential tender
offer for the mining company, and then selling its shares into a market
inflated by their fraudulent scheme.
According to documents filed simultaneously with the Commission’s complaint
in federal court in Manhattan, Defendants Chang and Everbright were
actively attempting to liquidate their U.S. assets. They were also wiring
assets offshore.
The Honorable Edgardo Ramos granted the SEC’s emergency request to preserve
these assets by issuing a temporary asset freeze order.
The Commission further alleges that unbeknownst to Allied Nevada and the
investing public, Defendant Chang, while driving the purported tender offer,
had bought over 5% of the Allied Nevada stock through an entity he controls
, Defendant Everbright Development Overseas Limited.
The court’s order, among other things, temporarily freezes the Defendants’
assets, temporarily restrains them from further similar misconduct,
requires an accounting, prohibits document alteration or destruction, and
expedites discovery. |
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