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ETFsRule (99.94)

December 2012

Recs

8

Fraudster Update (CCME edition!)

December 29, 2012 – Comments (6) | RELATED TICKERS: CCME.DL , MSTO

Sharesleuth has posted the first 2 parts of a 3-part series on Chinese frauds. I found their research to be interesting, particularly because they discovered that a lot of the money that was stolen from investors did not go into Chinese hands, but rather it ended up in the hands of people like Paul Kelley who facilitated the listings of the fraudulent companies on US exchanges. In an earlier story, they explain that people like Kelley received millions of shares in the newly listed companies, at very low, pre-listing prices.  [more]

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