Defendant Name:
Singularity Future Technology, Ltd.
Defendant Type:
Public Company
SIC Code:
9999
CUSIP:
82935V20
Document Reference:
34-102225
Document Details
Legal Case Name
In the Matter of Singularity Future Technology, Ltd.
Document Name
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
Document Date
17-Jan-2025
Document Format
Administrative Proceeding
AAER
4557
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On January 17, 2025, the SEC instituted settled cease-and-desist proceedings against Singularity Future Technology, Ltd., stating: "This matter involves financial reporting, accounting, books and records, and
controls violations by Singularity, a shipping and logistics company that has also sought to expand
its operations into digital assets. In each of its past eight fiscal years, Singularity has disclosed that
its internal control over financial reporting (“ICFR”) and disclosure controls and procedures
(“DCP”) were ineffective and reported multiple material weaknesses. These ineffective controls
and material weaknesses, as well as its failure to maintain required books and records, contributed
to Singularity needing to restate, in March 2023, certain prior period financials (the “March 2023
Restatement”) due to improperly accounting for a series of related party transactions and improper
revenue recognition."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Other Compliance Related Undertaking
Monetary Penalties:
Civil Penalty
Individual:
$350,000.00
Shared:
