New China Ventures, a Beijing-based company traded over the counter in the US, is one of 255 shell companies that have been suspended by the US Securities and Exchange Commission (SEC) in an attempt to prevent “pump and dump” schemes, a form of fraud, South China Morning Post reported. New China Ventures stated in 2010 that the company was engaged in China’s water industry and has 32 million shares traded over the counter in the US. There are several other China-related names on the SEC’s list of suspended shell companies, including China Oil & Methanol Group, Jinhua Marine Biological and Tianxin Mining.
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