Below is a link to an article titled “China Finds Huge Fraud by Officials” from today’s New York Times. The article stated that “Every year Beijing announces new anticorruption drives, new laws and new policies aimed at dealing with the problem. But every year the scale of fraud seems enormous, particularly in a country where the average person earns less than $50 a week.” Meanwhile, the NASDAQ continues its “see no evil” policy towards Chinese penny stock reverse mergers. On December 22, 2009 asensio.com released 3 reports titled , “Top Chinese NASDAQ Official’s Resignation Raises Questions about Its Disclosures,” “NASDAQ’s Conflicts in Pegasus and Xu Raise Questions About Its Regulatory Reliability,” and “Bodisen and Wey’s Connections to NASDAQ’s Chinese Reverse Merger Mill Exposed.”
On December 22nd, China Sky One Medical, Inc.’s (NASDAQ: CSKI $22.68) paid stock promoter CCG Investor Relations issued its own press release touting its ability to get Chinese companies listed on the NASDAQ. The press release, by a company primarily engaged in writing press releases in English for executives who often do not know how to speak English, claimed that CCG “guided” 20 clients from mainland China to list on NASDAQ and other major U.S. exchanges. The release states that 31 companies from China have listed on NASDAQ and 17 on the NYSE Amex this year alone.
Click here to read New York Times article.