and another solar fraudster:
SEC fines Canadian Solar, Zhuang $550,000 (U.S.)
2014-12-16 12:15 ET - Street Wire
Also Street Wire (U-*SEC) U S Securities and Exchange Commission
Also Street Wire (U-CSIQ) Canadian Solar Inc
The U.S. Securities and Exchange Commission has imposed $550,000 in fines on Nasdaq-listed Canadian Solar Inc. and its senior vice-president, Yan Zhuang, for improperly reporting millions of dollars in revenue. (All figures are in U.S. dollars.) The SEC claims that the company included dubious amounts in its 2009 financial statements from solar module sales in California. Ultimately some of the money proved uncollectible while other amounts were for product that was in storage, the SEC says.
The penalties are contained in an administrative order the SEC filed on Monday, Dec. 15. Of the $550,000 fine, Canadian Solar must pay $500,000 and Mr. Zhuang must pay $50,000. The SEC has also ordered that the company and Mr. Zhuang not commit any future violations. The sanctions represent a negotiated settlement, in which Canadian Solar and Mr. Zhuang did not admit to any wrongdoing. |
