Defendant Name:
Future Fintech Group Inc.
Defendant Type:
Public Company
SIC Code:
7389
CUSIP:
36117V10
Document Reference:
33-11206
Document Details
Legal Case Name
In the Matter of Future FinTech Group Inc.
Document Name
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
Document Date
03-Jul-2023
Document Format
Administrative Proceeding
AAER
4425
Allegation Type
Issuer Reporting and Disclosure
Document Summary
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."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Compliance Related Independent Consultant
Monetary Penalties:
Civil Penalty
Individual:
$1,650,000.00
Shared:
