SEC orders Future FinTech Group to pay $1.65M over accounting lapses
By 
Jeff Dale2023-07-05T18:46:00
Future FinTech Group (FTFT) agreed to pay $1.65 million to settle charges levied by the Securities and Exchange Commission (SEC) for filing materially inaccurate annual reports and failing to maintain adequate books, records, and internal control over financial reporting (ICFR).
FTFT, formerly doing business as China-based SkyPeople Fruit Juice, agreed to a cease-and-desist order and to retain an independent compliance consultant to test, assess, and review its internal accounting controls and ICFR, the SEC said in an administrative proceeding Monday.
From fiscal years 2016-18, FTFT logged significant impairment losses on its assets. The SEC’s investigation found the company’s assets should have been impaired in larger amounts earlier.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefSEC fines Fluor $14.5M over accounting lapses
Engineering and construction company Fluor Corp. agreed to pay $14.5 million to settle allegations by the Securities and Exchange Commission that accounting deficiencies led to restatements on nearly three years of financial statements.
-
News Brief
Plug Power settles with SEC over accounting woes; warned of added $5M fine
Plug Power was fined $1.25 million as part of a settlement with the Securities and Exchange Commission over alleged accounting failures that the company agreed to fully remediate within one year or face an additional penalty.
-
News BriefLovesac facing shareholder pressure over accounting errors
The Lovesac Company disclosed it expects to restate certain of its 2023 financial statements after an internal investigation uncovered accounting errors related to its recording of last mile freight expenses.
More from Regulatory Enforcement
-
ArticleTeledyne fined $1.5M for supplying obsolete parts to Navy
Teledyne will pay more than $1.5 million to settle allegations it supplied electronic parts to the Navy that deviated from specifications, a violation of the False Claims Act (FCA). But its cooperation with prosecutors earned it a credit, according to the U.S. Department of Justice (DOJ).
-
ArticleTungston rod importer pays $54.4M to settle DOJ tariff fraud allegations
An industrial products distributor has agreed to pay $54.4 million to settle allegations, first made by a whistleblower, that it evaded tariffs and violated the federal False Claims Act.
-
ArticleTariff evasion enforcement: The new FCPA
Companies that import goods into the United States will face heightened enforcement scrutiny for attempted acts of customs fraud, including tariff evasion, under the Trump administration. Thus, chief compliance officers and in-house counsel face a new kind of pressure to ensure they are mitigating risk in this area.