The founder and another former executive of China Medical Technologies Inc. were charged in the U.S. District Court for the Eastern District of New York with stealing more than $400 million from investors in the bankrupt maker of medical diagnostic tests as part of a seven-year scheme (United States v. Wu).
Xiaodong Wu, who was chief executive officer of the Beijing-based company, and ex-Chief Financial Officer Tak Yung Samson Tsang allegedly lied about how they would spend the proceeds of note offerings from January 2005 to November 2012, saying they would be used for general corporate purposes, to ...
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