The U.S. Securities and Exchange Commission has announced that it’s filing charges against Macqurie Capital, a New York-based brokerage firm Macquarie Capital for allegedly underwriting a public offering despite obtaining a due diligence report indicating that the China-based company’s offering materials contained false information.

New York-based China Business Knowlege, a news website that tracks U.S.-listed Chinese ADRs, reports the SEC is alleging that Macquarie Capital made a net profit of $4.17 million as lead underwriter on the Puda Coal offering, which sold stock to investors at a price of $12 per share. The SEC also charged former Macquarie managing director Aaron Black and former investment banker William Fang in connection with the case.

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