Luca International barred from securities sale under SEC stipulation

By Caroline Salls

Pittsburgh, Aug. 27 – Luca International Group LLC entered into a stipulation with the Securities and Exchange Commission that prohibits the company from violating securities laws and “indirectly participating in the issuance, offer or sale of any security of any entity controlled by, or under joint control with, Bingqing Yang,” according to a notice filed Thursday with the U.S. Bankruptcy Court for the Southern District of Texas.

The issuance, offer or sale injunction includes securities of Luca International Group, the notice said.

A hearing on approval of the stipulation is scheduled for Sept. 2 in the U.S. District Court for the Northern District of California.

As previously reported, the SEC filed suit against the company on July 6, alleging that investors’ funds were not spent appropriately or in accordance with fundraising documents.

The SEC moved for the appointment of a receiver, along with other restrictive measures.

In addition, a number of lawsuits have been filed against Luca, including collection actions, lien assessments and litigation that led to the SEC complaint.

Luca International Group, a Houston-based explorer and producer of natural gas, petroleum and related hydrocarbons, filed for bankruptcy on Aug. 6. The Chapter 11 case number is 15-34221.

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