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  • moviecrazy100 moviecrazy100 Jul 4, 2013 5:26 PM Flag

    enforcement details

    ENFORCEMENT PROCEEDINGS - Commission Files Fraud Charges against Fuqi International, Inc. and Its Chairman and Former CEO and President Yu Kwai Chong

    Jul 01, 2013 (Menafn - SECURITIES AND EXCHANGE COMMISSION RELEASE/ContentWorks via COMTEX) --The Commission today announced the filing of fraud and related charges against Fuqi International, Inc. (Fuqi), a China-based jewelry company, and its Chairman of the Board of Directors and former CEO and President, Yu Kwai Chong (Chong). Without admitting or denying the allegations, Fuqi and Chong have agreed to settle the SEC's claims that Fuqi and Chong failed to disclose cash transfers of approximately 134 million from Fuqi to three purportedly unknown entities between September 11, 2009 and November 24, 2010.

    In its settled complaint, the Commission alleges that Fuqi and Chong violated the antifraud provisions of the securities laws, Section 10(b) of the Exchange Act of 1934 (Exchange Act) and Rule 10b-5. The Commission further alleges violations of reporting, recordkeeping and internal controls provisions of the securities laws, Sections 13(a), 13(b)(2)(A) & (B), and 13(b)(5) of the Exchange Act and Rules 13a-1, 13a-11, 13a-13, 13a-14, 13b2-1 and 13b2-2. Fuqi and Chong have consented to the entry of a final judgment that: (i) permanently enjoins them from future violations of the federal securities laws; (ii) orders Fuqi and Chong to pay civil penalties of 1 million and 150,000, respectively; and (iii) bars Chong from serving as an officer and director for five years. [SEC v. Fuqi International, Inc. and Yu Kwai Chong, Case No. 1:13-cv-995 (U.S. District Court for the District of Columbia)] (LR-22739)

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    • Also search 34-58927-ex5a pdf document. The effect of baring Chong from being officer of FUQI is pretty severe. He no longer can get salary or any benefit from FUQI (including china subsidiary), no can he serve any positions in FUQI. So he'll need to resign as chairman of the board. Certainly he will have ways to bypass it in China using some other person.

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