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Richard X Roe

 
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  • Shareholder Rejection Of Yongye's Buyout Offer: Boon Or Boondoggle? [View article]
    SivBum: I agree, the SEC regulators failed miserably. And so did NASDAQ.

    However, I disagree that the SEC should demand anything from the Chinese. The SEC is an agency of the United States federal government. It has no business demanding better regulations from the Chinese. Its task is to enforce US securities laws. Since YONG's auditor is violating US securities laws, the SEC should not accept YONG's 10Ks. If YONG's 10Ks are not accepted, then YONG will be delisted, and YONG's fraud will be finally over. Problem solved.
    Mar 12, 2014. 11:25 AM | Likes Like |Link to Comment
  • Shareholder Rejection Of Yongye's Buyout Offer: Boon Or Boondoggle? [View article]
    SivBum: Each KPMG firm is a legally distinct and separate entity and describes itself as such. YONG's auditor is violating US securities laws, according to the judge.
    Mar 12, 2014. 11:11 AM | Likes Like |Link to Comment
  • Shareholder Rejection Of Yongye's Buyout Offer: Boon Or Boondoggle? [View article]
    mekong22: Nope, it is clear that YONG's auditor is KPMG Huazhen, a violator of US securities laws. Here is the explanation from a CPA and a PhD: http://bit.ly/1cxJO2f

    "KPMG will probably argue that this is not a serious violation. But it is. Is it any different than a garment manufacturer in Wenzhou who sews a “Made in Italy” label on Chinese made clothing? That is consumer fraud. Investors who saw the KPMG Hong Kong letterhead with the opinion may have been more confident than if the letterhead had been that of a Chinese joint venture firm. After all, KPMG has been viewed as a leading firm in Hong Kong since 1945, unlike the mainland upstart [KPMG Huazhen] that is now 60% owned by locals. Investors in KPMG clients who got these fake opinions should do the same thing that they would do if they found out that they had bought a fake Italian shirt. Ask for their money back. And the PCAOB ought to help them get it."

    So, the gullible YONG investors who thought YONG was audited by a BIg 4 should ask for their money back, according him. Good luck with that!
    Mar 12, 2014. 11:09 AM | Likes Like |Link to Comment
  • Shareholder Rejection Of Yongye's Buyout Offer: Boon Or Boondoggle? [View article]
    SivBum: Nope. The SEC does not care about the Chinese rules. The SEC only cares about the US securities laws.

    Please read the decision by the judge! YONG's auditor violated US securities laws, according to judge.
    Mar 12, 2014. 10:31 AM | 1 Like Like |Link to Comment
  • Shareholder Rejection Of Yongye's Buyout Offer: Boon Or Boondoggle? [View article]
    SivBum: According to the judge, KPMG Huazhen knew that the U.S. and Chinese laws were in conflict and therefore should have never ever signed a company like YONG as a client.

    The judge put it this way: "I have little sympathy for Respondents on this issue. Respondents operated large accounting businesses for years, knowing that if called upon to cooperate in a Commission investigation into their business, they must necessarily fail to fully cooperate and might thereby violate the law. Then, when actually called upon to fully cooperate, Respondents complained that they should be relieved from that duty because, among other things, they invested money and effort in building up their accounting businesses. Such behavior does not demonstrate good faith, indeed, quite the opposite - it demonstrates gall."
    Mar 12, 2014. 10:01 AM | Likes Like |Link to Comment
  • Shareholder Rejection Of Yongye's Buyout Offer: Boon Or Boondoggle? [View article]
    mekong22: Here is the press release which shows that Yongye's auditor is KPMG Huazhen: http://prn.to/1njIPrq . KPMG Huazhen is a special general partnership, a Chinese company, not a Big 4 JV "Affiliate." The SEC charged it with violation of US Securities Laws last year: http://1.usa.gov/1njIN2G, and earlier this year the judge imposed, pursuant to SEC Rule of Practice 102(e)(1)(iii), a censure for KPMG Huazhen and a suspension that would preclude KPMG Huazhen from practicing before the SEC for six months.
    Mar 12, 2014. 09:44 AM | Likes Like |Link to Comment
  • Shareholder Rejection Of Yongye's Buyout Offer: Boon Or Boondoggle? [View article]
    kingfrogcash: The supposed minority of independent stockholders must be totally stupid, because they are selling the stock at $5.47. YONG has $9.20 in receivables a share, and those receivables are guaranteed to get paid in full within a year. In addition, YONG also has positive cash net of debt and plenty of other assets. YONG is profitable and growing. All according to the fraudulent SEC filings, that is.

    Mr. Homer (Hong) Sun, the Chief Investment Officer of Morgan Stanley Private Equity Asia, the Managing Director of Morgan Stanley and the Co-Head of the Fund's China Investment Operations publicly endorsed the writings of YONG's former Director and COO, which describe how Yongye never sells on credit, and therefore, never has any receivables: http://seekingalpha.co... So, Mr. Sun must have known since the beginning that Yongye is a complete fraud.

    Now, where is the 8K with the actual results of the vote? How many shares exactly were voted "FOR?"
    Mar 12, 2014. 09:17 AM | Likes Like |Link to Comment
  • Shareholder Rejection Of Yongye's Buyout Offer: Boon Or Boondoggle? [View article]
    kingfrogcash: If the majority of independent stock holders thought that YONG is worth more than $6.60, then why is the stock now at $5.47? Or are you saying that the "dependent" stock holders have been selling without disclosing their sales and in violation of SEC rules?
    Mar 12, 2014. 08:12 AM | 1 Like Like |Link to Comment
  • Shareholder Rejection Of Yongye's Buyout Offer: Boon Or Boondoggle? [View article]
    Largeone: Well, maybe my "accusations" are not libelous and slanderous.
    Mar 11, 2014. 11:14 PM | Likes Like |Link to Comment
  • Shareholder Rejection Of Yongye's Buyout Offer: Boon Or Boondoggle? [View article]
    yeahright76: Good for them. Now, I provided you a link to the actual SAIC filings and the analysis to help you read them. Who are you going to believe? Your eyes or somebody else's words?

    I was not aware that Geo Investing or anybody else other than me has ever analyzed Yongye's ORIGINAL (that is, as submitted) SAIC filings. If you disagree, please show me the filings Geo Investing looked at. I tried to google for them, but could not find them or the analysis.
    Mar 11, 2014. 11:13 PM | Likes Like |Link to Comment
  • Shareholder Rejection Of Yongye's Buyout Offer: Boon Or Boondoggle? [View article]
    yeahright76: I had no idea that Geo Investing or whatever was an authority on anything. Yongye's SAIC filings DO NOT MATCH Yongye's SEC filings. Here are the filings and the proof of mismatch: http://bit.ly/1fqMVsB

    YONG resumed trading because NASDAQ did not do its job - that is not surprising since NASDAQ's Senior VP of New Listings (now SVP of Relationship Management), Robert H. McCooey, was the biggest supporter of Yongye, extolling the size of Yongye's cucumber and "Shaking the Money Tree." Morgan Stanley and its clients are victims of a corrupt employee. I did not say that YONG is the only Chinese fraud.
    Mar 11, 2014. 07:06 PM | Likes Like |Link to Comment
  • Shareholder Rejection Of Yongye's Buyout Offer: Boon Or Boondoggle? [View article]
    barn: Yongye was never able and will never be able to list or relist on the Hong Kong Stock Exchange, despite the fact that Yongye's fraudulent listing was actually facilitated in Hong Kong to begin with.
    Mar 11, 2014. 06:56 PM | Likes Like |Link to Comment
  • Shareholder Rejection Of Yongye's Buyout Offer: Boon Or Boondoggle? [View article]
    SivBum: Here is the link: http://1.usa.gov/1eP4Ynu

    YONG cannot follow Chinese rules, because it is a US, specifically, Nevada, corporation, and as such is bound by US, not Chinese, rules.
    Mar 11, 2014. 06:53 PM | Likes Like |Link to Comment
  • Shareholder Rejection Of Yongye's Buyout Offer: Boon Or Boondoggle? [View article]
    mekong22: Yongye is a complete fraud, and as such delisting is imminent and inevitable. Just as the halt was imminent and inevitable and has already happened.

    Yongye's auditor is not a Big 4 - it is a Chinese firm that was barred from practicing before the SEC for six months earlier this year.

    Unlike Yongye and its co-conspirators, I do not tell tales. I simply expose Yongye as a complete fraud, using publicly available information and on-the-ground due diligence.
    Mar 11, 2014. 06:50 PM | Likes Like |Link to Comment
  • Shareholder Rejection Of Yongye's Buyout Offer: Boon Or Boondoggle? [View article]
    SivBum: The judge said that Yongye's audit firm knew in advance that complying with US laws would violate Chinese laws, but still intentionally signed Yongye as a client. The issue has not been resolved at all - the audit firm is now appealing, but it will obviously lose, and Yongye will need a new auditor (unless it is delisted well before that).
    Mar 11, 2014. 03:49 PM | Likes Like |Link to Comment
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