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Alternative Market Briefing

SEC charges NY based fund manager with insider trading & other violations involving Chinese reverse mortgage company

Thursday, August 02, 2012

Bailey McCann, Opalesque New York: The Securities and Exchange Commission (SEC) has charged a New York based fund manager, Peter Siris and two of his firms with a host of securities law violations mostly related to his activities with a Chinese reverse merger company, China Yingxia International Inc. According to charges laid out in two complaints, the SEC charges that Siris misled investors in his two hedge funds through which he invested $1.5 million in China Yingxia.

The regulator says that Siris understated his involvement in the Chinese firm even after it went out of business and made trades on the business using insider information. Siris is also said to have received shares in the company from the China Yingxia CEO’s father, and traded them without registering with regulators. Siris further engaged in insider trading ahead of 10 confidentially solicited offerings for other Chinese issuers. The regulator also claims that Sirius sold short the securities of two Chinese companies prior to participating in firm-commitment offerings.

Siris and his firm have settled with the SEC and agreed to pay $1.1 million in fines. Five other individuals were also charged separately in the matter. Ren Hu, the former CFO of China Yingxia has also been charged for making allegedly fraudulent representations in Sarbanes-Oxley (SOX) certifications, lying to auditors, failing to implement internal accounting co......................

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