Financial firm Dalian Huaxun Investment Co., Ltd. has been ordered by Chinese authorities on Feb. 28 to suspend its business operations due to allegations of fraud and false advertising. So far, 147 employees, including the chairman and 11 executives, have been placed under criminal investigation on charges of fraud and running a false advertising scam involving 2.7 billion yuan (about $417.2 million), Chinese news portal Sohu reported. The investment firm was also given administrative penalties by regional securities authorities, according to Chinese media. Dalian Huaxun was established in 2000 in Dalian city, in China’s northeastern Liaoning Province. It is one of China’s first companies that obtained a certificate of investment advisor. In 2015, it was listed on the country’s National Equities Exchange and Quotations (NEEQ), a platform for trading the shares of a public limited company that is not listed on either the Shenzhen or Shanghai stock exchanges. The company attracts shareholders through a stock …
Read More
RSS Feed | The Epoch Times
