{{The Chinese government pushed back at suggestions that its officials have been uncooperative in U.S. efforts to crack down on stock swindles that have cost American investors billions of dollars.}}
“Groundless accusation will not conduce to our friendly cooperation,” said Karen Kang, a spokeswoman for the Chinese consulate in New York.
Kang’s comments came in reaction to an ABC News interview with the outgoing chairman of the U.S. Securities and Exchange Commission, Mary L. Schapiro, who saw a spike in alleged fraud by Chinese companies that had been listed on major American stock exchanges.
An ABC News report Wednesday found that since 2010 more than 70 companies have been kicked off or left the NASDAQ and the two trading floors run by the New York Stock Exchange after reports surfaced alleging fraud and financial irregularities.
“Dozens of companies have been delisted from our exchanges due to economy irregularities and outright fraud,” said Dan David, vice president of GeoInvesting, LLC, a firm that monitored the Asian investment craze.
“They raised hundreds of millions, some companies, that is outright money that was taken from investors that they’ll never see again.”
Read More….http://abcnews.go.com/Blotter/chinese-deny-turning-blind-eye-investment-scams/story?id=18180171
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