Gentlemen,i agree.The SEC is aware and attempting to take steps to prevent in the future.Sadly,the fact remains,those that went public via reverse merger here in the US were and are structured so as not to provide any shareholder safeguards.If the officers and directors were US citizens,if fraud is proven,they can be pursued.The US SEC has no cooperation from the Chinese equivalent of the SEC. Collectively Chinese companies listed here in the US have stolen more money than 10 Bernie Madoff's.Bear in mind,a US shareholder nor the US Government can sue a Chinese national in a Chinese court.In Chinese business circles in China,the laugh of the day is how stupid American investors,are to invest in a Chinese reverse merger company.No company in China could ever do what has been done here on either the exchange in Shanghai or Shenzen.A great example is a company named China Yingxia International.Stole all of the US shareholders money,went dark and looked like the principal shareholder was in the clear.Mistake she made was selling shares to Chinese citizens.The Chinese citizens complained to the Chinese government,they arrest her and give her a life sentence.Moral of the story,its ok to steal from US shareholders but steal from Chinese shareholder,you get sentenced to life in prison.My thought is let the Chinese companies list there in China as US companies cannot,unless it is on the Hong Kong Exchange.Interesting,however is if CHCC were listed in HK,the shareholder safeguards would prevent what has happened here.Thus Chinese companies should not be allowed to list here unless they abide by the same regulations as a domestic entity with business operations here.Again,sorry for the wordy post.
