Day after day FUQI shares trade, without the SEC doing a thing to protect investors from this long-running, obvious, Chinese con. Recall that FUQI has not filed a 10K since its 2008 report.
Yet the regulators are not always so reticent to act. In fact, the SEC has suspended trading in 13 companies since the beginning of 2013 due to “lack of current and accurate information.”
For example, on the first of March, the SEC halted trading in Southern USA Resources (SUSA):
It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Southern USA Resources , Inc. (“Southern USA”) because of questions regarding the accuracy of publicly-disseminated information concerning, among other things: (1) the company’s operations and (2) the company’s outstanding shares. Southern USA ’s securities are quoted on the OTC Link, operated by OTC Markets Group Inc. under the ticker symbol SUSA. The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above-listed company.
In November of last year the SEC revoked the registration of fellow China scam China Medical (CMEDQ). Why? Well according to the order (available here):
The revocation is based on Respondent’s failure to comply with reporting requirements of the Securities Exchange Act of 1934 (Exchange Act).
In the last few months they also revoked the registations of IBNW, ICPR, IDIFF, TMJG, and many others. So just what makes FUQI so darn special?