Defendant Name: Future Fintech Group Inc.

Defendant Type: Public Company
SIC Code: 7389
CUSIP: 36117V10

Initial Case Details

Legal Case Name In the Matter of Future FinTech Group Inc.
First Document Date 03-Jul-2023
Initial Filing Format Administrative Action
File Number 3-21511
Allegation Type Issuer Reporting and Disclosure
AAER 4425

Violations Alleged

Exchange Act
• Rule 12b-20
• Sec 13(a)
• Rule 13a-1
• Rule 13a-13
• Rule 13a-15
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)
Securities Act
• Sec 17(a)(2)
• Sec 17(a)(3)

Resolutions

First Resolution Date 03-Jul-2023
Headline Total Penalty and Disgorgement $1,650,000

Related Documents:

33-11206 03-Jul-2023 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On July 3, 2023, the SEC instituted settled cease-and-desist proceedings against Future FinTech Group Inc., stating: "These proceedings arise out of, and this Order covers, recurring material misstatements in the financial statements of Future FinTech Group Inc. (“FTFT”) during a three year period. The misstatements included material errors for the carrying amount of investments during the fiscal years of 2016, 2017, and 2018 (the “relevant period”). Additionally, as disclosed in FTFT’s filings with the Commission, FTFT has had recurring material weaknesses in its Internal Control over Financial Reporting and repeatedly failed to remediate them."
33-11206-s 03-Jul-2023 Administrative Summary
SEC Charges Future Fintech Group Inc. with Accounting Fraud Violations
On July 3, 2023 the SEC "announced settled charges against Future FinTech Group Inc. ("FTFT"), arising out of the Company's filing of materially inaccurate annual reports and its failure to maintain adequate books and records and internal control over financial reporting."