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FTFT

Future FinTech Group Inc.

https://www.ftft.com

Industry

Software - Application

Future FinTech Group Inc., through its subsidiaries, operates online shopping platforms in People's Republic of China. It operates in four segments: Shared Shopping Mall Membership Fee, Fruit Related Products, Sales of Goods, and Others. The company operates Chain Cloud Mall (CCM), a real-name blockchain based e-commerce platform that integrates blockchain and internet technology; and NONOGIRL, a cross-border e-commerce platform. It also engages in coal and aluminum ingots supply chain financing and trading; financial technology service; and cryptocurrency market data and information service businesses, as well as services related to the application and development of blockchain-based technology in financial technology. The company was formerly known as SkyPeople Fruit Juice, Inc. and changed its name to Future FinTech Group Inc. in June 2017. Future FinTech Group Inc. is headquartered in New York, New York.

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The SEC has filed a civil lawsuit against Future Fintech Group CEO, Mr. Shanchun Huang, for alleged securities law violations including manipulative trading and failure to disclose ownership and transactions in company stock. Mr. Huang, represented by attorney Jacob Frenkel, has denied the allegations. The company has imposed restrictions on the CEO's stock trading and plans to provide training on appropriate trading practices. The Board claims the litigation has not impacted company operations and does not expect future impact, reaffirming its commitment to shareholder communication.

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The SEC has charged the CEO of Future FinTech (FTFT) with fraud and disclosure failures, according to a Reuters report. The nature of the fraud and specific disclosure issues were not detailed in the summary provided.

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