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On January 11, 2024, the Securities and Exchange Commission (the "SEC") filed a civil lawsuit alleging civil violations of the federal securities laws against Mr. Shanchun Huang, the Chief Executive Officer of Future FinTech Group Inc. ("Future FinTech" or the "Company") for what the Commission contends was manipulative trading in the stock of Future FinTech before Mr. Huang became Future FinTech's CEO in 2020. The Commission also claims that Mr. Huang did not disclose his beneficial ownership of Future FinTech stock as well as transactions in such stock. Mr. Huang, through his lead attorney, Jacob Frenkel, Chair of the Securities Enforcement and Government Investigations Practice at national law firm, Dickinson Wright, PLLC, responds to the allegations.
Mr. Frenkel stated that "Mr. Huang looks forward to his day in court to fight vigorously the SEC's allegations. The defense that Mr. Huang will present already is well-known to the SEC from his cooperation in and multi-day sworn testimony in the SEC's inquiry that gave rise to the civil lawsuit. Mr. Huang has denied consistently the allegations of trading before he became CEO, and the evidence will be that he did not trade. Additionally, Mr. Huang relied on the advice and counsel of retained professionals in connection with his disclosure obligations. We believe that a jury in this civil case will find that Mr. Huang is not responsible for the violations that the Commission alleges against Mr. Huang. This case is just beginning, and we are a long way from any evidence being presented to a jury."
Mr. Huang, who has served as the CEO of the Company and member of the Board since March 4, 2020, denies the Commissions allegations. Mr. Huang stated "I know the allegations are not true, and I will work with my attorneys to fight to clear my name. I am confident that the law will be on my side, which is the side of justice. I look forward to my day in court to fight against the SEC and its allegations. I will continue to work hard and build value for Future FinTech's shareholders. I will not permit the SEC's case to interrupt my and the Board's vision for the growth and success of the Company."
Mr. Frenkel, the lawyer leading the representation of Mr. Huang, has been practicing law in the securities enforcement space for more than 36 years, having served for 9½ years as an attorney in the SEC's Division of Enforcement and as a federal criminal prosecutor of public corruption and securities for 3½ years, and has been representing companies and individuals defending SEC, as well as PCAOB and FINRA, investigations and litigation for more than 20 years.
Posted In: FTFT
