The Securities and Exchange Commission (“SEC”) released a vindicatory letter to China-based issuers demanding increased disclosures and financial reporting requirements. (U.S. Securities and Exchange Commission). The SEC’s letter took considerable jabs at the Chinese infrastructure that has stalled the Public Company Accounting Oversight Board (“PCAOB”) from auditing the Chinese issuers’ public accounting firms. (U.S. Securities and Exchange Commission). The letter demands that disclosures from China-based issuers include disparaging warnings indicating the lack of enforcement mechanisms and risks associated with a “less developed legal system.” (U.S. Securities and Exchange Commission). . .
Read MoreStefan Qin could face more than seven years in prison for fraudulently operating his hedge fund which allegedly derived profits from price gaps between cryptocurrencies on global exchanges. (Chris Dolmetsch, Bloomberg Law, Southern District of NY). In 2016, Qin dropped out of college to form the Virgil Sigma Fund. (Alexander Osipovich and Jeong Eun-Young, Wall Street Journal). Expectations were high for Qin, previously a high school math whiz, to dominate the cryptocurrency world with his price-monitoring algorithm called Tenjin. Id. . .
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