July 24, 2015

Ming Zhao, Liping Zhu

Financial Fraud

SANCTION AMOUNT: $250,945,460

Defendants: Ming Zhao, Liping Zhu

Default judgment against former Chairman and CEO of Puda Coal, Inc. for a massive fraud perpetrated on its public shareholders, by effectively stealing and selling its operating subsidiary. The company at one time held an indirect 90% ownership stake in Shanxi Puda Coal Group Co., Ltd. but Zhao, with Zhu's knowledge and complicity, transferred the entire stake to himself without shareholder or Board approval . This and related transfers were not disclosed in filings or in materials for two offerings raising $116 million.

Thank you for submitting some email to us.