October 28, 2014
Rui Ge Dong, Victory First Limited, Rainbow Yield Limited, Yong Qi Li, Ai Xi Ji, Ye Wang, Zhong Wen Zhang, Li Xin Ma, Yong Li Li, Shu Ling Li
SANCTION AMOUNT: $1,500,000
Defendants: Victory First Limited, Rainbow Yield Limited
Rui Ge Dong, Yong Qi Li, Ai Xi Ji, Ye Wang, Zhong Wen Zhang, Li Xin Ma, Yong Li Li, Shu Ling Li
Default judgment against remaining defendants in scheme to create the false appearance of a liquid and active market for AutoChina International Limited's stock. The company was allegedly offered unfavorable terms for a loan due to the low trading volue of its stock, and its backers responded by depositing more than $60 million into U.S.-based brokerage accounts and engaging in hundreds of fraudulent trades over the next three months, including matched orders and wash trades.
- Key Docs
- Official SEC press release