Defendant Name: Singularity Future Technology, Ltd.

Defendant Type: Public Company

Document Reference: 34-102225-s

Document Details

Legal Case Name In the Matter of Singularity Future Technology, Ltd.
Document Name SEC Charges New York Based Shipping Company with Longstanding Internal Controls Failures
Document Date 17-Jan-2025
Document Format Administrative Proceeding
File Number 3-22424
Allegation Type Issuer Reporting and Disclosure
Document Summary On January 17, 2024, the SEC "announced settled charges against Singularity Future Technology, Ltd., a publicly traded shipping and logistics company, for internal control and disclosure controls violations, as well as financial reporting violations and books and records failures."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Other Compliance Related Undertaking
Monetary Penalties:

Civil Penalty

Individual:     $350,000.00 Shared:    

Related Documents:

34-102225 17-Jan-2025 Administrative Proceeding
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
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."