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by Mike Caswell

Luis Chang, a New Jersey man accused of a $7-million manipulation of Allied Nevada Gold Corp., denies that he did anything wrong. (All figures are in U.S. dollars.) The U.S. Securities and Exchange Commission claims that Mr. Chang was behind a bogus takeover offer for Allied Nevada in January, 2014, that purportedly came from a $15-billion Chinese mining company. After issuing a news release about the deal he sold millions of shares that he had previously amassed, the SEC says.

In his answer to the complaint, filed on Oct. 6, 2014, Mr. Chang simply denies any wrongdoing, without providing any explanation. In what specifics he does provide, he admits to issuing a news release that announced the takeover bid and says there was a second news release the same day retracting the takeover. He denies, however, that he knew anything in the initial release was false or misleading. He also denies that he arranged the sale of $7-million worth of stock. He asks that the judge dismiss the case.

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