Chinese financial services company AlphaTrade listed on the US OTC market by means of a reverse take-over in 1999. The company was paid in marketable securities - presumably shares in the companies to whom it offered advertising services. A Public Company Accounting Oversight Board (PCAOB) investigation in 2011 determined that the company inflated its FY07 revenues and profits by recognising deferred revenues upfront. It also avoided recognising losses on these questionable marketable securities. The company's auditors were struck off owing to the violation of quality control standards and obstruction of an investigation.
Last updated January 2022
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