May 28, 2015

Luis Chang, Everbright Development Overseas, Limited

Market Manipulation


Defendants: Everbright Development Overseas, Limited
Luis Chang

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 Corporation’s 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.

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