Whistleblower
Advocates
Award Winning Attorneys
SEC Prosecutions
Nearly $1 Million Settlement of Charges Against China-Based, U.S. Company/Issuer and Former CEO and CFO for Fraudulent Disclosures
SEC v. Universal Travel Group, Jiangping Jiang and Jing Xie
- 2013
- $935,000
SEC charged defendants with, among other things, failing to disclose cash transfers of approximately $41 million to thirty-four unknown entities in Hong Kong and China between September 2008 and March 2011, and overstating revenues and profits in quarterly reports in 2010. Defendants agreed to be permanently enjoined and to monetary penalties. In addition, the registration of the defendant entity’s securities was revoked, and various bars from practice were imposed on the individual defendants.
