Hartcourt Backdates 302 CERTIFICATION, commits fraud to become SEC compliant. Amended Hartcourt SEC filing dated 4/25/03 shows 302 CERTIFICATION signed 4/12/03. How can this be anything else but fraud since only a few days ago Hartcourt posted on there web site that they thought OTC BB companies where exempt. Tout posted emails from Hartcourt just a few days ago that the cretifications where being faxed for signatures. This latest episode is just one in a long line of frauds commited on the investment public. See lettr from Hartcourt dated 4/25/03 hartcourt.com
From 4/25/03 SEC filing:
I, David Y. Chen, certify that:
1. I have reviewed this transition report on Form 10-KSB of HARTCOURT COMPANIES INC;
2. Based on my knowledge, this transition report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this transition report;
3. Based on my knowledge, the financial statements, and other financial information included in this transition report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this transition report;
4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:
a. designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this transition report is being prepared;
b. evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this transition report (the "Evaluation Date"); and
c. presented in this transition report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a. all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and
b. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and
6. The registrant's other certifying officers and I have indicated in this transition report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
By: /S/ David Y. Chen
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David Y. Chen
President & Acting Chief Executive Officer
Principal Accounting Officer
Date: April 12, 2003
46
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302 CERTIFICATION
I, Richard Yan, certify that:
1. I have reviewed this transition report on Form 10-KSB of HARTCOURT COMPANIES INC;
2. Based on my knowledge, this transition report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this transition report;
3. Based on my knowledge, the financial statements, and other financial information included in this transition report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this transition report;
4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:
a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this transition report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this transition report (the "Evaluation Date"); and
c) presented in this transition report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and
6. The registrant's other certifying officers and I have indicated in this transition report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
By: /S/ Richard Yan
---------------------------
Richard Yan
Acting Chief Financial Officer
Financial Controller
Date: April 12, 2003
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hartcourt.com
Dear Shareholders:
We sincerely apologize for the problem caused by the “E” being added to our symbol. The reason was that we did not include in our 10K filing Form 302 certification required by Sarbanes-Oxley Act. We had been given the misinformation that OTC companies are exempt from the Act.
Our lawyer, Mr. John Furutani, has faxed this certification to the OTC exchange board. We hope that the matter will be resolved within the next 2 days.
We take full responsibility for this error. Even though it would not have any effect on Hartcourt operation or its financial result, it reflects our poor judgment.
We are sorry and we promise to make up for this trouble in a very very near future.
The Hartcourt Companies, Inc.
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Posted by: Tin-Berrygood
In reply to: boatRgirl who wrote msg# 21755 Date:4/23/2003 1:41:04 PM
Post #of 21758
Just got off the phone with Mr. Furutani, Hrct's Attorney and he told me the same thing I read from rapall on RB..A 302 cert was inadvertently omitted from the filing..This cert has to do with the Sabanes Oxley(sp?) act..He called China very early this morning and had them fax the signatures to the SEC..They told him that the "E" should be off by tomorrow..I hope so but ya never know..At least from Hrct's side everything that can be done is done..The SEC representative told him that this has been happening quite a bit because it's a brand new procedure..Mr. F asked why no one alerted Hrct before the "E" came..They told him that since there is over 37,000 companies that they couldn't have responded quick enough to prevent it...
Like we said earlier, this is just another small bump in the road..Lesson learned and we all move on...The Big MO will be there when we get back...For now those buying at this one day sale price will be richer for the experience...lol
Well done Mr. Furutani!..Quick reaction and quicker response...Aloha
Aloha |
