Weida Communications Inc. a U.S.-managed company that provides data communications services via satellite to businesses and government agencies in China said it is cooperating with a Securities and Exchange Commission (SEC) investigation of the company.

The SEC is investigating whether Joseph Zumwalt, company CFO, and Anthony Giordano, described as one of the company’s largest shareholders, engaged in illegal activity in connection with an independent investment entity that also is a Weida stockholder.

The SEC suspended trading of Weida securities until May 6 and also froze the company’s bank accounts. Weida said the SEC has not provided the company with any specific information about the charges.

Due to the investigation, Ronald Bernard and Paul Cervellero have resigned from the company’s board of directors and Zumwalt has been suspended from all duties as CFO pending the outcome of the investigation, Weida officials said