SEC orders Future FinTech Group to pay $1.65M over accounting lapses

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.