Sino Clean Energy Inc. (SCEIQ US)

Year: 2011

Chinese coal-water mixture producer Sino Clean Energy listed by means of a reverse merger in October 2006. Between April and June 2011, the company was targeted by short-sellers GeoInvesting and Alfred Little, with the latter producing a total of six reports, all of which alleged fraud. These reports prompted a collapse in the company's share price. In May 2012, the NASDAQ suspended trading in Sino Clean Energy's shares pending the provision of more information; however, it was delisted in December. The company's auditor, Weinberg & Co, resigned very late in the day, in September 2012, presumably when the writing was finally on the wall (and after most of the independent directors had resigned). Sino Clean Every is a confirmed fraud with the company faking profits and hiding the evidence in fabricated cash, receivables and prepayments. 

Last updated November 2021

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