10.0David P Neuman
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WARNING! Impending Investigation–MACQUARIE CAPITAL USA INC. and PUDA COAL

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30
Mar

WARNING! Impending Investigation–MACQUARIE CAPITAL USA INC. and PUDA COAL

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Macquarie Capital (USA) Inc. and Puda Coal

Have you lost money investing in Puda Coal?  We are investigating allegations made by the SEC (the Securities and Exchange Commission), which recently settled claims against New York-based brokerage firm Macquarie Capital (USA), Inc., in connection with Macquarie Capital’s underwriting of a Puda Coal stock offering (symbol PUDA).

The SEC alleged that Macquarie Capital and its executives, Aaron Black and William Fang, failed to exercise due care in their due diligence review.  A due diligence report obtained by Macquarie Capital indicated that the China-based company contained materially false information.  Puda Coal, which previously traded on the NYSE, made a secondary public offering in 2010.  In offering documents, Puda Coal told investors that it held a 90% interest in a Chinese coal company.  Macquarie Capital repeated those statements, despite the fact that it had information that Puda Coal did not own any interest in the Chinese coal company.  Without this ownership interest, Puda Coal essentially had no revenue.

To settle these allegations, Macquarie Capital agreed to pay $15 million and agreed to set up a Fair Fund to compensate investors for their losses.  Also, Aaron Black was fined $212,000, and William Fang was fined $35,000.  Additionally, Black agreed to be barred from the securities industry in a supervisory capacity for at least 5 years, and Fang agreed to be barred in any capacity from the securities industry for at least 5 years.

Our attorneys have represented over one thousand investors who have been defrauded by financial advisors and brokerage firms.  While we have offices in Denver and the Seattle area, we have also previously represented clients throughout the country.  If you have lost money in Puda Coal and want to hear about ALL legal options, please visit https://www.israelsneuman.com and go to our CONTACT page or call us at 720-599-3505.

Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.
10.0David P Neuman

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