Sino Tech Energy Limited (fka CTESY)

[Noven]

Anyone know what's going on with this one?

Will there be a settlement?

[Renee]

CTESY revoked:

http://www.sec.gov/litigation/admin/2012/34-67073.pdf

[janice shell]

Looks as if this one will soon be over.

[Renee]

UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934

Release No. 66906 / May 2, 2012

ADMINISTRATIVE PROCEEDING
File No. 3-14867
In the Matter of SinoTech Energy Limited

Respondent.
ORDER INSTITUTING ADMINISTRATIVE PROCEEDINGS AND NOTICE OF HEARING PURSUANT TO SECTION 12(j) OF THE SECURITIES EXCHANGE ACT OF 1934

http://www.sec.gov/litigation/admin/2012/34-66906.pdf

I.

The Securities and Exchange Commission (“Commission”) deems it necessary and appropriate for the protection of investors that public administrative proceedings be, and hereby are, instituted pursuant to Section 12(j) of the Securities Exchange Act of 1934 (“Exchange Act”) against SinoTech Energy Limited (“SinoTech” or “Respondent”).

II.

After an investigation, the Division of Enforcement alleges that:

A. RESPONDENT

1. SinoTech is a Cayman Islands company. It operates an enhanced oil recovery (EOR) services business through a subsidiary, Tianjin New Highland Science and Technology Development Co., Ltd., a British Virgin Islands-incorporated company with its principal place of business in Beijing, China. SinoTech’s registration statement for its initial public offering went effective on November 3, 2010. The company’s American Depository Shares thereafter traded on NASDAQ (ticker: CTE) until August 16, 2011, when NASDAQ halted trading. On October 18, 2011, NASDAQ suspended trading in SinoTech’s shares. SinoTech traded on the Pink Sheets (ticker: CTESY.PK) thereafter until its stock was delisted by NASDAQ on January 6, 2012.

B. DELINQUENT PERIODIC FILINGS

2. On September 22, 2011, SinoTech’s independent auditor resigned. The auditor withdrew its audit report with respect to SinoTech’s September 30, 2010 fiscal year-end financial statements that were included in the company’s annual report on Form 20-F filed with the Commission and stated that the audit report should no longer be relied upon.

3. Exchange Act Section 13(a) and the rules promulgated thereunder require issuers of securities registered pursuant to Exchange Act Section 12 to file with the Commission current and accurate information in periodic reports. Specifically, Rule 13a-1 requires issuers to file annual reports.

4. Because Respondent’s auditor withdrew its audit report for Respondent’s financial statements as of and for the fiscal year ended September 30, 2010, SinoTech’s annual report on Form 20-F is not supported by audited financial statements. As a result, SinoTech has no compliant Commission filings, is delinquent in its periodic filings with the Commission, and has failed to comply with Exchange Act Section 13(a) and Rule 13a-1 thereunder.

III.

In view of the allegations made by the Division of Enforcement, the Commission deems it necessary and appropriate for the protection of investors that public administrative proceedings be instituted to determine:

A. Whether the allegations contained in Section II hereof are true and, in connection therewith, to afford the Respondent an opportunity to establish any defenses to such allegations; and

B. Whether it is necessary and appropriate for the protection of investors to suspend for a period not exceeding twelve months, or revoke the registration of, each class of securities registered pursuant to Section 12 of the Exchange Act of SinoTech and any successor under Exchange Act Rule 12b-2 or 12g-3, and any new corporate name of the Respondent.

IV.

IT IS HEREBY ORDERED that a public hearing for the purpose of taking evidence on the questions set forth in Section III hereof shall be convened at a time and place to be fixed, and before an Administrative Law Judge to be designated by further order as provided by Rule 110 of the Commission’s Rules of Practice [17 C.F.R. § 201.110].

IT IS HEREBY FURTHER ORDERED that Respondent shall file an Answer to the allegations contained in this Order within ten (10) days after service of this Order, as provided by Rule 220(b) of the Commission’s Rules of Practice [17 C.F.R. § 201.220(b)].

If Respondent fails to file the directed Answer, or fails to appear at a hearing after being duly notified, the Respondent, and any successor under Exchange Act Rule 12b-2 or 12g-3, and any new corporate name of the Respondent, may be deemed in default and the proceedings may be determined against it upon consideration of this Order, the allegations of which may be deemed to be true as provided by Rules 155(a), 220(f), 221(f), and 310 of the Commission’s Rules of Practice [17 C.F.R. §§ 201.155(a), 201.220(f), 201.221(f), and 201.310].

This Order shall be served forthwith upon the Respondent personally or by certified, registered, or Express Mail, or by other means permitted by the Commission Rules of Practice.

IT IS FURTHER ORDERED that the Administrative Law Judge shall issue an initial decision no later than 120 days from the date of service of this Order, pursuant to Rule 360(a)(2) of the Commission’s Rules of Practice [17 C.F.R. § 201.360(a)(2)].

In the absence of an appropriate waiver, no officer or employee of the Commission engaged in the performance of investigative or prosecuting functions in this or any factually related proceeding will be permitted to participate or advise in the decision of this matter, except as witness or counsel in proceedings held pursuant to notice. Since this proceeding is not “rule making” within the meaning of Section 551 of the Administrative Procedure Act, it is not deemed subject to the provisions of Section 553 delaying the effective date of any final Commission action.

By the Commission.
Elizabeth M. Murphy
Secretary

[janice shell]

http://sec.gov/news/press/2012/2012-74.htm

[Noven]

What are you showing here?

[LexTrader]

http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=8061030

[saj]

wow what a move today was OOT last week or i might have played it
hope you scored

[deadjim]

you guys see CDCAQ? That was a chinese scam right? Actually maybe just a china bankrupty. Only going off the type of my head, and I think it had a symbol change.. if so CTESY may still get some mojo too

[saj]

see what next week holds

[saj]

a little vol today

[True Blue]

Oh well - lol

[True Blue]

Its all high risk capital, saj. If I lose it Ill be fine.

[True Blue]

.35's up

[saj]

was wrong on my opening bid but ask inching back up

[saj]

gm hard to say what it's gonna do. with that said i think the bid will be .3 at open.
remember to take some profits when you have them
g/l

[True Blue]

SUre hope the bid firms up - looking weak right now

[saj]

agree and the slow move up a good thing too
hoping for the mid to high .4's tomorrow
today works as well lol

[deadjim]

blocks coming in at these levels. good stuff

[saj]

nice bid support today
slowly we inch up

[investor007]

Looks excellent here guys. Congrats for you .03 bottom-feeders ) Sometimes nice when these stay off-radar for a bit

[saj]

A few more hits on the ask

[deadjim]

if you see the chart above, you'll see why i sold some at .19. always take some off on the first target, at least some. didn't think it'd do 50% so quickly

[deadjim]

a gap fill would be cool, but nothing i'm expecting. i may try to keep a few thousands shares just in case. cause, well you never know. i read the report and it's not pretty, but a little evidence and a dead cat bounce is all it would take. .70c would be fine with me

[True Blue]

First in first out is a pain in the rear. I can see how you would like to exit those higher trades.

[deadjim]

I've sold some already.. no I'm not leaving the trade. would love to ride this higher. haven't had a 500%+-1000% bagger in quite some time, so I'm hoping it comes from CTESY.
I still have some I picked up in the .49s I need to exit - preferably even. But my . 04s I'm taking gains on the way up. my .12s well, they all start to mesh into one average, but I try to keep track of the individual areas I've bought for psychology reasons

[True Blue]

deadjim - you selling on Monday?? Sounds like you are leaving the trade. IMO there is still a lot of upside here if the company can maintain listing. You wont find many .20 cent stocks with fundamentals like Sino Tech

[deadjim]

after 2 months (?) of holding this i'm finally up 400% overall, and i still have some to sell, as well as original entries to toss. man, this one took longer than i wanted, and really my first buy was a huge mistake. news out on monday. no idea what the outcome will be, or what people are hoping it'll be. hopefully good, but i'm satisfied with the way i played. have a good weekend

[True Blue]

Wooooohooooooooo!!!!!!

[saj]

lol i'm thinking somebody gonna paint the close
maybe an out of work contractor

[True Blue]

WHo is going to belly up and hit .35?? I already did my fair share of ask slapping today.

[saj]

.25 X .35 kinda spread lol

[saj]

looks like we're going higher next week....would like to see one more push into the close

[DrStockAlert]

.25's hitting

[saj]

.1967 X .21

[saj]

still inching up woo hoo

[saj]

nice print at .155 come on give us .25 .5 then a buck LOL

[deadjim]

lookin good. hopefully it holds this time. i liked the headline the other day but didn't add, cause they're scum. still have my under .05s ...and all the others. lmao

[saj]

inch by inch lol

[V63]

looks good highs at 9.00 ...whats there to say it won't even get to half that price again. worth keeping a close eye on. IMO

[saj]

yeah i may watch for a bit early on tomorrow
have guess sells set in case it takes off
g/l

[CynicalObserver]

400k prints in various blocks in the last 5 minutes. Will be interesting to see how this can move given the fact almost the entire float is bagholders.

[saj]

i'm taking most of Dec off be back end of year
g/l

[hondaboost]

Yep. When you're stealing, you can say you're unaware of the laws to the police. Hehehehe.

[saj]

Agreed..this could still have a monster bounce at some point

[saj]

Maybe the CEO was unaware of the laws governing embezzlement
LOL
or better yet he was only borrowing the money and had full intention of paying it back

[CynicalObserver]

One would think that with the stock around a nickel, the market had caught on to this already. Do you see anyone here denying that or disputing it?

The issue is chart and price action. Traders trade.

[hondaboost]

BEIJING, Nov. 11, 2011 (GLOBE NEWSWIRE) -- SinoTech Energy Limited (Pink Sheets:CTESY) ("SinoTech" or the "Company"), a provider of enhanced oil recovery ("EOR") services in China, previously announced on September 23, 2011, that certain corporate funds had been transferred to a bank account controlled by Mr. Qingzeng Liu, Chair of the Company's Board of Directors (the "Board"). On September 23, 2011, the Company also announced that Mr. Liu had agreed to re-transfer to the Company all such amounts, and that the Company had received a significant portion of those funds. The Company announced today that re-transfer of the remaining funds to the Company was completed on October 24, 2011.
The Company also announced that it has withdrawn its appeal to the previously announced delisting determination by The Nasdaq Stock Market LLC ("NASDAQ") because, to date, it has been unable to cure the issues identified by NASDAQ and disclosed by the Company on September 21 and October 4, 2011. NASDAQ informed the Company in a letter dated October 28, 2011 that the Company's shares will continue to be suspended from trading, and that NASDAQ will file a Form 25 Notification of Delisting with the U.S. Securities Exchange Commission when all NASDAQ internal appeal periods end.
The Company further announced that the Special Committee of the Board has decided to discontinue the independent investigation into allegations made in a report posted on alfredlittle.com and other matters.

[hondaboost]

SinoTech CEO steals money from his own company: he transferred company's money into his own personal accounts:

What an CEO and company it is!

That was exactly why it went to pinky and $0.03.

POS, or Fraud, absolutely!

[CynicalObserver]

if it closes here, the daily chart and volume will certainly get some attention overnight.