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Keyuan Petrochemicals agrees to pay $1-million fraud charges in the US

3:52 AM MST | March 1, 2013 | Natasha Alperowicz

Keyuan Petrochemicals (Ningbo, China) has agreed to pay $1 million to settle securities fraud charges in the United States, the SEC (Washington) said on Thursday. The SEC charged Keyuan and its former CFO with accounting and disclosure violations. The SEC says that Keyuan Petrochemicals, which was formed through a reverse merger in April 2010, “systematically failed to disclose to investors numerous related party transactions involving its CEO, controlling shareholders, and entities controlled by management or their family members.” The SEC also...

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