Can anyone explain how the CEO is making money by fraudulently increasing revenue?
Can anyone explain if revenues are overstated by 10 times how that flowed through the financial statements in 2009? On 12/31/09 they reported $102 million in Revenue, cash of $6.9 million, and had positive cash flow of $3.7 million after the $13.6 million purchase of the photo lines.
I have yet to see a convincing argument explaining how the books are cooked.
Yeah and so is Best Western Hotels. United Country Real Estate. Independent Insurance Agents. The list goes on of loosely affilliated companyies coming together.....
By your reasoning they must all be frauds!
And Edward Hoots found that Muddy Waters' 'initial research
report' was creating 'confusion' by comparing 'apples to
The Travellers article in TRADING CHINA's blogs on discrepancies in SAIC, SAT, and SEC filings is quite
Guess who bashed both articles?
Finally, NO CLASS in ANY CLASS ACTION LAW SUIT has been
And CERTAINLY 3 month and 6 month earnings/revenues ARE
IN NO WAY FICTIVE!!
You might be surprised what I know. Did you know that if you shorted Orient Paper at the open for the last 30 days and covered at 11:00 that you would be up $2.23. Then went long at 11:00 until the close you would be up an additional $1.37.
BDO is my idea of a bottom accounting firm, not a top one. And plenty of frauds with top accounting firms as well. I bet you don't even know the name of the accounting firm when ONP hired them (think McCabe . . ) - the SEC had to send ONP a letter to get the actual name.
Glad to see you moved away from your prior argument. The top accounting firms have far fewer frauds then the Mom & Pop operations so that makes the chance of this being a fraud much smaller.
it is a loose affiliation of mostly small accounting firms who are banded together under an umbrella to try to create the exact impression that you are trying to create. Anyway, I don't care if it was a top 4 accounting firm, which it is not, because the top 4 accounting firms have been accountants for plenty of frauds as well.
DT, according to ONP, is only hired to assist Loeb & Loeb. We have no idea what, if anything, they are doing. Certainly, neither ONP or DT or Loeb & Loeb has stated anything specific that has been done at all. If Deloitte was tasked to do what you are talking about, ONP should have immediately announced that their SEC filings, press releases and website(s) should not be relied on and will be restated. I have shown in detail how those are a complete mess and disaster and CFO Winston Yen admitted that there were many errors in the SEC filings, website, and press releases but they were not corrected. He blamed China Finance for the errors.
Sit down for a minute and look at the numbers and the proposed fraud. If the Revenue is 10% of the reported number then the CEO must be adding cash to the business to be able to have the cash reported on the 12/31/09 balance sheet. Pick up a book on reading financial statements and get more comfortable with them and then respond to this message.
On December 1, 2009, our Audit Committee of the Board of Directors approved the appointment of BDO Limited, the Hong Kong member firm of the BDO International network ("BDO"), as our new registered independent public accounting firm.
BDO Limited is the Hong Kong member firm of BDO International Limited, a global accountancy network with over 1,100 offices in 110 countries and 46,000 people providing advisory services throughout the world.