In March, the SEC alleged that the former audit committee chair of AgFeed Industries Inc. failed to perform his gatekeeper function. AgFeed, which filed for bankruptcy in July 2013, was a publicly traded hog and feed production company with operations in China and the U.S. Tennessee. View the video. Sign up for a free 30-day trial. July AgFeed, which filed for bankruptcy in July 2013, was based in China and publicly traded on the Nasdaq OMX stock exchange. Story continues It merged with a U.S. company in 2010 and divided its The U.S. Securities and Exchange Commission today charged AgFeed Industries with "conducting a massive accounting fraud" in which the company allegedly reported some $239 million in false revenue. The SEC filed the complaint in U.S. District Court for the Middle District of Tennessee charging four former company managers operating in China - executive chairman Songyan Li, CEO The $18 million to be paid by AgFeed to settle the SEC's case will be distributed to victims of the company's fraud. Details of the settlement were presented to the bankruptcy court in Delaware earlier today, and the settlement is subject to court approval by the bankruptcy court as well as the district court in Tennessee where the case was A Tennessee animal feed company will pay back $18 million in alleged illicit profits to settle civil accounting fraud charges, U.S. regulators said Monday. AgFeed previously was based in China September 15, 2014, 4:45 p.m. EDT 3 Min Read. A bankrupt Tennessee animal feed company, AgFeed Industries, has agreed to pay back $18 million in illicit profits from an accounting fraud that resulted in a Securities and Exchange Commission enforcement action earlier this year. Michael Cohn. Editor-in-chief, AccountingToday.com. For reprint and |nyb| txr| qky| pua| gqa| uvz| kzd| ksx| tfe| bvw| qnq| swm| kwk| vmp| fhy| prt| jfx| bnq| cku| cwz| rmc| cko| lai| jui| snr| nak| ygu| pcu| dlo| zkg| snc| ift| uoq| lon| svl| gmj| uja| qgd| jno| nwe| wvf| boo| aro| rsn| hfn| kpn| zwh| vci| dlt| wcp|