May 28, 2015
Luis Chang, Everbright Development Overseas, Limited
SANCTION AMOUNT: $5,875,583
Defendants: Everbright Development Overseas, Limited
Settlement of allegations that individual defendant posed as an agent of a Chinese mining company and caused a self-described investment banker to send a letter to U.S. mining company Allied Nevada Gold Corporations management proposing a cash tender offer. Defendant allegedly parlayed these events into a press release the following morning, causing an immedate surge in Allied's stock. Stock which defendant, through his co-defendant entity, had secretly loaded up on in advance.
- Key Docs
- Official SEC press release