Cycclone Magnetic Engines Acknowledges Embezzlement Allegations Against Cameron James Smith in their Transport Holdings
China Dasheng Biotechnology Co. (OTC PINK:CDBT) reported on April 20, 2023, an incident involving embezzlement by former operations manager Cameron James Smith at their transport unit, Roadbees Transport Pty Ltd. In late December 2021, Smith misled clients into depositing funds into his personal accounts by falsely claiming that company accounts were compromised. His actions were flagged within 17 days, leading to a swift investigation.
Queensland Police are now involved, confirming allegations of impropriety. The company emphasized the effectiveness of their accounting systems in detecting suspicious conduct. Additionally, the company is progressing on a share exchange agreement with Cycclone Magnetic Engine Developments, focusing on low carbon emission technologies.
- The accounting systems of Roadbees Transport Pty Ltd quickly identified the embezzlement, demonstrating effective internal controls.
- Ongoing efforts with Cycclone Magnetic Engine Developments may lead to advancements in low carbon emission technologies.
- Cameron James Smith's actions led to unauthorized payments and potential financial loss for clients.
- The incident raises concerns about internal security and oversight within the transport operations.
ARUNDEL QUEENSLAND, AUSTRALIA / ACCESSWIRE / April 20, 2023 / China Dasheng Biotechnology Co. (OTC PINK:CDBT) as disclosed, holds transport assets and operations in their normal course of business.
In late February of 2022, account managers in the transport operations at the Acacia Ridge, Queensland facility had numerous red flags pop up and a quick "helicopter snapshot" of the accounts was enacted. It was quickly identified that accounts and operations manager Cameron James Smith was engaging in illegal activity.
In late December of 2021, Cameron James Smith contacted via email, phone and other methods, large and medium clients of Roadbees Transport Pty Ltd and told them that the bank accounts of Roadbees Transport Pty Ltd were "hacked and compromised". Cameron James Smith then proceeded to instruct the clients to make payments into his personal accounts.
Clients of Roadbees Transport Pty Ltd, such as Ulrich Aluminum, had no reason to question the instructions and made payment to Cameron James Smiths personal accounts via electronic funds transfer. Cameron James Smith deleted all his company emails and other company records, resigned his positions, and has not returned any of the funds deposited into his personal accounts.
Upon identification of the actions of Cameron James Smith, management met with clients and brought the impropriety to a swift end in line with standard corporate governance. The details were tabled before the Queensland Police for further action and review. The Queensland Police created a report under QP - 0125A which is now an ongoing investigation. Recently, Queensland Police have accessed Cameron James Smith's bank accounts and have confirmed the allegations of impropriety have standing.
"The Transport Industry is a fast-paced high turnover sector and the accounting systems that we implemented in Roadbees Transport Pty Ltd were able to "red flag" Cameron James Smiths conduct and embezzlement to fund his Five Star Racing Partnerships in the horse racing industry within a 17-day period of misconduct." stated Sonny Nugent, CEO of Roadbees Transport Pty Ltd.
/S/ Micheal Nugent
CEO of CDBT
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CDBT. Cycclone Magnetic Engine Developments, Inc.
On September 30, 2022, CDBT and Cycclone Magnetic Engine Developments Limited entered into an Operating Agreement for The Amended Share Exchange Agreement giving effective control of Cycclone Magnetic Engine Developments Limited and the wholly owned subsidiaries.
Cycclone Magnetic Engine Developments Limited is engaged in the development and commercialization of new geometric configuration low carbon emission engines and other clean technology solutions with a view to create technologies that improve efficiency and reduce levels of greenhouse emissions. Cycclone has shareholding, assets and interests in transport operations in Australia. Cycclone Magnetic Engine Developments Limited operations are based in Australia.
Micheal Nugent
mnugent@nugent.com.au
www.cdbtcycclone.com
+61438158688
Safe Harbor Statement
Statements made in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Risk factors that could cause actual results to differ materially from those projected in forward-looking statements include, but are not limited to, general business conditions, managing growth, and political and other business risks.
SOURCE: China Dasheng Biotechnology Co.
View source version on accesswire.com:
https://www.accesswire.com/750322/Cycclone-Magnetic-Engines-Acknowledges-Embezzlement-Allegations-Against-Cameron-James-Smith-in-their-Transport-Holdings
FAQ
What embezzlement incident was reported by China Dasheng Biotechnology Co. on April 20, 2023?
What measures were taken by CDBT in response to the embezzlement allegations?
How did CDBT's accounting systems respond to the misconduct?
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What is the stock symbol for China Dasheng Biotechnology Co.?
