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  • Court Appointee Chases (and Finds) Investor Cash That Vanished in China

    THE WALL STREET JOURNAL
    By Michael Rapoport
    June 21, 2015
    ----------

    For some U.S. investors trying to hold Chinese companies to account, Robert Seiden could be the last, best hope. ...

    ... "I'm 83 going on 84. I don't have much time left," said George Vlahos, a retired Byfield, Mass., educator who lost several hundred thousand dollars in Sino Clean Energy Inc., the company with which Mr. Seiden hopes to settle soon. ...

  • "... a party may file a petition for review of this Initial Decision within twelve days after service of the Initial Decision...."

    Do I get the sense from today's stock trading that Seiden won't be filing any more petitions on this matter???

    (((Must be quite a blow to the 13-D cabal -- not only were they fooled to "invest" in this most obvious scam in the first place, and defend it up until the final moments... but they were also stooges in the second act. Pity none of these gentlemen could see their way towards a public apology to those they so often belittled. Tsk, tsk.)))

  • Reply to

    It's always the same

    by boraisinora Jul 30, 2015 11:04 PM

    That's because they consider you as good as dead as they do their deeds.

  • Reply to

    It's always the same

    by boraisinora Jul 30, 2015 11:04 PM

    How come the academic psychologists never came up with a term for it?

  • It's always the same...when they say you have money coming to you they then find out a way to keep it all for themselves. The good dead was satisfied in their mind when they made the promise; after that they bear no responsibility to fulfill it because they already consider themselves to have done a good dead. Which tells you what? It is so hard for them to give that them just having to say they are going to give makes them feel like they should receive all the reward!

  • Reply to

    New Speculation

    by alsense Jul 23, 2015 12:38 AM

    Before you laugh at who sold 15 shares for a penny each today, that was a smart move. Paying the trading commission will be cheaper than paying the administrative fee your broker will charge you to remove the revoked shares from your portfolio.

    I wonder how much the conman, Sutter, made off of teaming up with Senden to enrich themselves while the shareholders got ZERO which is all there was ever a chance for them to obtain. It is sad when a desperate man is conned twice. They want so hard to believe that they will turn over the reigns to others whose intent is to con them once more.

    Can anybody show me a single case where Senden has recovered a penny for shareholders? Quite the scam he has going to collect fees while never doing what his stated mission is. I will apologize and stand corrected if anybody can show me where Senden has recovered money for a class of shareholders, but I am not aware of a single instance.

  • Who will have the last ever comment about scei before it dissolves into oblivion?

    I personally believe Jim Sutter will make the final pronouncement here. His final words, "this sucked."

  • INITIAL DECISION AS TO SINO CLEAN ENERGY, INC.
    July 20 , 2015

    *** Order ***

    It is ORDERED that, pursuant to Section 12(j) of the Securities Exchange Act of 1934, the registration of each class of registered securities of Sino Clean Energy, Inc., is hereby REVOKED.

    This Initial Decision shall become effective in accordance with and subject to the provisions of Rule 360 of the Commission’s Rules of Practice. See 17 C.F.R. § 201. 360. Pursuant to that Rule, I FURTHER ORDER that a party may file a petition for review of this Initial Decision within twelve days after service of the Initial Decision. See 17 C.F.R. § 201. 360(b). A party may also file a motion to correct a manifest error of fact within ten days of the Initial Decision, pursuant to Rule 111 of the Commission’s Rules of Practice. 17 C.F.R. § 201.111. If a motion to correct a manifest error of fact is filed by a party, then a party shall have twenty-one days to file a petition for review from the date of the order resolving such motion to correct a manifest error of fact. The Initial Decision will not become final until the Commission enters an order of finality. The Commission will enter an order of finality unless a party files a petition for review or motion to correct a manifest error of fact or the Commission determines on its own initiative to review the Initial Decision as to a party. If any of these events occur, the Initial Decision shall not become final as to that party.

    _______________________________
    Brenda P. Murray
    Chief Administrative Law Judge

  • I just got a postcard from wkbtrecovery. I replied and was given the suggestion that I agree to appoint Seiden as receiver for WKBT. Has anyone else been receiving such like postcards for their delisted chiscam stocks?

    Its so sad. Lawyers colluded with Chinese CEOs in order to dupe US investors with what were in reality only empty US shell companies. Then after delisting, when there were insurance policies, they sued and got a few pennies on the dollar for investors while pocketing huge fees for themselves. Now if they can find a way to grab a few assets by hook or #$%$, they are promising investors to "represent" them. Then after running up huge legal fees, they take the company into bankruptcy and pocket whatever assets they've found.

    Lawyers practice legalized theft and no one can touch them. They are even worse than the Chinese CEOs in my opinion. The Chinese were scamming strange foreigners who they hated; while the lawyers scammed their own people.

  • Reply to

    Bankruptcy Info...

    by asianvest Jul 14, 2015 12:38 PM

    Wow, I just looked at the list of creditors. They seem to be all lawyers or investigators.

  • Reply to

    Bankruptcy Info...

    by asianvest Jul 14, 2015 12:38 PM

    Great scam by Seiden, eh?

    He recovered some money for shareholders supposedly, but in a bankruptcy they will get zero, while he will get paid off as a creditor. And since the company is now bankrupt having no assets, no one can sue, thus Ren gets a get out of jail free card.

    Same old game, all the insiders make out with the help of lawyers and the little guy investor gets squat!

  • Reply to

    Sino Clean's stock to be revoked!

    by asianvest Jul 15, 2015 8:20 PM

    A year or two ago, I offered to buy the entire shell for $20k. Now, it looks like Seiden will inherit it.

    So, I revoke the offer.

  • "...Revocation of Sino Clean's securities registration will protect the interests of current and future investors in the company, not harm them. In the Opposition brief, Sino Clean's court-appointed receiver has reported no progress in getting control of the company's books and financial information. Whenever the receiver is able to gain control of the company's books and financial information, he can file a new registration statement to re-register the company's securities. Until that time, revocation is the best protection for Sino Clean's current and future investors."

    (...etc., etc.,...)

    CONCLUSION

    For the reasons set forth above, and in its initial papers, the Division respectfully requests that the Administrative Law Judge grant the Division's Motion for Summary Disposition and revoke the registration of each class of Sino Clean s securities registered under Exchange Act Section 12.

    Dated: July 6, 2015

    Respectfully submitted,

    Thomas Bednar
    Neil J. Welch, Jr.
    Securities and Exchange Commission

  • 3:15-bk-50934 | SINO CLEAN ENERGY, INC.

    U.S. Bankruptcy Court
    District of Nevada (Reno)
    Bankruptcy Petition #: 15-50934-btb

    Date filed: 07/08/2015
    341 meeting: 08/10/2015

    ---------

    Now the symbol is SCEIQ

    (Guess this is why Greg(g) Graison is no longer President of SCEI -- who wants to be in charge of a bankruptcy? Besides, Seiden is listed as one of the creditors!)

  • Reply to

    New symbol?

    by chinamensuresteal Jul 14, 2015 11:31 AM

    Because of your new yahoo ID, I assume you already know that it has!
    You're very welcome.

  • Excellent.

    Real progress here! Lol

  • An *amended* Annual List of officers for SCEi was filed yesterday with the Nevada Secretary of State -- it shows Seiden's right-hand-man, Greg(g) Graison (of Confidential Security and Investigations), is no longer holding all the named Officer posts -- it's back to Ren and Zhou!

    Did Greg(g) give up? Did Seiden file this amended list as some legal ploy?

    Did Ren engage an attorney to reinstate him at the helm?

    Has there been some "negotiated" agreement whereby Ren keeps control of his company, Seiden gets a red envelope, and the shareholders get ??? (Could be related to the recent share volume spike?)

    Can't wait to learn more!

    ------------
    Amended List
    Document Number: 20150314474-01
    File Date: 07/08/2015

    Officers:
    President - BAOWEN REN
    Secretary - BAOWEN REN
    Treasurer - BAOWEN REN
    Director - PENG ZHOU

  • Reply to

    Nevada Business License updates filed!

    by asianvest Apr 22, 2015 9:11 PM

    AMENDED ON JULY 8th, 2015 (I'm soooo confused!):

    Amended List
    Document Number: 20150314474-01
    File Date: 07/08/2015

    Officers:
    President - BAOWEN REN
    Secretary - BAOWEN REN
    Treasurer - BAOWEN REN
    Director - PENG ZHOU

  • XI'AN, China, NEW YORK, LAS VEGAS, and HONG KONG, June 23, 2015 /PRNewswire/ -- Robert Seiden, Esq., the Court-appointed receiver (the "Receiver"), over Sino Clean Energy, Inc. ("SCEI") filed criminal charges with the Hong Kong Police Commercial Crimes Bureau on May 22, 2015 detailing that SCEI's Chairman, Baowen Ren, undertook a fraudulent backdated-transfer of shares in the Hong Kong subsidiary of the company, Wiscon Holdings Limited ("WHL") to a shell company in the British Virgin Islands that he controls, Dacona Limited ("Dacona"), thereby stealing the shareholders' interest (including the shares held by many U.S. and Chinese citizens). The forms memorializing these actions were filed in November 2014, which was six months after the Receiver's appointment and were filed secretly without the Receiver's knowledge or approval and after the Receiver had effectively taken control over WHL.

    Seiden, a former Manhattan prosecutor and President of the global firm Confidential Security Investigations ("CSI") filed the police report after his auditors in Hong Kong uncovered the fraud on WHL.

    The Hong Kong criminal complaint states in part that:

    [t]he alleged share allotment is a willful attempt by Mr. Ren to steal WHL, hence all the operating companies in China, from SCEI.... [and] is a blatant and illegal act of Mr. Ren to embezzle the entire assets of SCEI

    Sentiment: Buy

  • [part II...]

    Here, the equitable factors are unique and overwhelming: Allowing deregistration would harm all current non-insider investors -- and, uniquely, reward the wrongdoers -- by allowing the former managers (who collectively own just 14% of SCEI's shares) to proceed with their apparent scheme to intentionally bring about deregistration and take over the entire company to the detriment of all the investors who purchased shares through the securities markets in the United States (who collectively own 86% of SCEl's shares). Allowing the former managers (and 14% owners) to intentionally dissipate the value of SCEI's securities would be contrary to the Receiver's mandate from the Nevada district court to maximize value for all public shareholders of SCEI. The Division of Enforcement has not identified a single case ordering deregistration where deregistration would reward rather than punish the wrongdoers, as would happen if deregistration would be ordered in this case.

    Moreover, none of the cases cited by the Division of Enforcement involve a receiver appointed for the protection of investors. Here, in sharp contrast, the Receiver has not only been appointed but has aggressively undertaken good faith efforts to protect potential investors by bringing SCEI into compliance with its disclosure obligations. Although these efforts have been willfully opposed at every turn by Mr. Ren and the other former managers of SCEI, the presence here of a Receiver who is actively protecting the interests of investors renders this case unique and the Division of Enforcement's cases inapplicable.

    In the context of these equitable considerations, deregistration is neither desirable nor consistent with the purpose of Section 12(j).

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