Xinhua Sports & Entertainment Ltd. operates media businesses. The company produces business, entertainment, educational, and animated television programs, and bilingual radio programming.
The former chief executive of Xinhua, accused of joining a US$50 million insider trading scheme, signed a plea deal with prosecutors resulting in a single charge of conspiring to obstruct the United States Internal Revenue Service.
The three defendants (Loretta Bush and two other former Xinhua board members, Shelly Singhal and Dennis Pelino), were indicted on May 10, 2011, for allegedly using various entities to disguise the sale of shares in Shanghai-based Xinhua from the Securities and Exchange Commission and investors, and to engage in insider trading. They were also accused of manipulating the company’s balance sheet to avoid taking so-called impairment charges.
Bloom (SouthChinaMorningPost): Ex-Xinhua Finance CEO Loretta Fredy Bush signs plea deal, 24 Jan 2013
Xinhua Sports: Annual Report, 19 May 2008