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Two charged with theft from US share sales

Former executives of mainland oil producer accused of sending part of proceeds to relatives

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The misappropriated money was allegedly used by their relatives to buy a house in California, a Mercedes-Benz and unspecified jewellery.

Two former senior officials of China North East Petroleum have been charged with misappropriation of part of the proceeds of the firm's share sales.

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The money was allegedly used by their relatives to buy a house, a car and jewellery.

Wang Hongjun, a former president and chief executive of the Jilin province-based oil producer, and its former corporate secretary, Chao Jiang, were indicted last week, the US Department of Justice said.

Wang is charged with one count of conspiracy to commit wire and securities fraud. Chao is charged with four counts of securities fraud.

Each carries up to 25 years of imprisonment.

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Chao is also charged with two counts of false statements to the US Securities and Exchange Commission during sworn testimony, each of which carries up to five years of imprisonment.

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