You asked for a summary of federal and state civil and criminal liability that corporate officers and directors are topic to. Whoever was behind that hack and release of the video and texts on draft evening could face civil and criminal liability for their acts. On the other hand, certain components ought to be established to decide criminal liability in any particular case, the motive of the offence, the magnitude of the offence, and the character of the offender. Initial, the truth that the Complaint and SEC filings do not go over board meeting proves practically nothing.
State workers’ compensation law gives criminal penalties if a corporate officer knowingly and willfully fails to comply with statutory needs that he prove to the Workers’ Compensation Commission his solvency to present right compensation to staff (CGS § 31-288(f)). If the IPO funds is stolen which we do not believe happened until there is evidence to prove otherwise, then a criminal case would be applicable. Till date, the past and present CEOs Yu Hong and Taylor Guo, CFO and Directors have refused to respond to the Court summon and complaint.
On November 21, 2013 the Public Firm Accounting Oversight Board (PCAOB”) revoked Acquavella’s registration – effectively banning it from auditing public firms- and imposed a civil penalty on it. See PCAOB Release No. 105-2013-010, attached as Exhibit A to the Declaration of Laurence Rosen, filed herewith. Most of these corporations are not yet delisted and are nonetheless trading in either NASDAQ or NYSE major boards but their share costs have been decimated from their original IPO prices. Criminal offenses and civil offenses are usually diverse in terms of their punishment.
Please let us know if you would like further info concerning the liability of corporate officers and directors in connection with pension fraud, …Read more