SEATTLE — The CEO of a China-based energy company headquartered in Washington has pleaded guilty to two counts of securities fraud.
The U.S. Attorney’s Office says Dickson Lee was the head of the coal company L&L Energy when he ran a scheme to defraud investors while trying to get the company’s stock listed on the national exchange.
Prosecutors say Lee also tried to generate funds for the cash-strapped company by issuing thousands of shares to people in China who then sold the shares on the market. At the time, his company was under investigation but he withheld that fact. Lee pleaded guilty Tuesday to both counts.
Lee could face up to 25 years in prison for each count at his sentencing on Jan. 9 at the federal court in Seattle.
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