I watched The China Hustle on you tube. Good documentary about investors conned by using a two bob USA listed company then merging a worthless China company with false financials. Problem is the SEC has no jurisdiction in China and the government there couldn't care less.
Reminds me of someone here who made a big point about holding ASX listed shares in a billion dollar Bermudian company. If that offshore company was found to own nothing ASIC would have no jurisdiction to do anything about any false financials. Not that ASIC would try anyway since SGH financials were dodgy and ASIC hasn't done anything to the former directors.
It shows the market can be manipulated and investors defrauded without directors being concerned about regulators doing anything about it.
SGH Price at posting:
$3.13 Sentiment: Sell Disclosure: Not Held
