Universal Travel Group (UTG) listed in the US via a 2006 reverse merger. The company was first attacked by short-seller Bronte Capital in September 2010 alleging that it was a tiny brick-and-mortar travel agency masquerading as an one of China's largest online agencies. In March 2011, short-seller Glaucus Research published a more detailed report with similar conclusions. In April 2011, UTC's auditor resigned (its fourth in as many years) citing the company's lack of response and a loss of good faith. The company was delisted in 2013 and the SEC laid fraud charges against its management. UTC is a confirmed fraud.

Last Updated: November 2021

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