Library

Consumer Discretionary

Fuqi International (FUQI US)

Year: 2010

Jewelery designer Fuqi International listed on the NASDAQ in October 2007. On 16 March 2010, eight months after raising capital, the company announced it would restate earnings due to accounting errors. While completing the restatement, the external auditors, Stonefield Josephson, discovered that between September 2009 and November 2010, Chong (the chairman) had directed the transfer of about US$134m from the firm's bank accounts. The SEC filed fraud charges against Fuqi and its chairman and former CEO and president Yu Kwai Chong. Fuqi is a confirmed fraud.

Last updated December 2021 

The information on this page has been compiled from publicly available sources. GMT Research Limited has not verified the information and does not warrant its accuracy. Any claims made or views expressed are not necessarily those of GMT Research Limited.

lock03 Read More

Back