FT GLOBAL CAPITAL, INC. STEPS UP ITS ENFORCEMENT EFFORTS AGAINST FUTURE FINTECH TO COLLECT ON THE $10.8 JUDGMENT
FT Global Capital, a Miami Beach-based broker-dealer, is intensifying efforts to collect a $10.8 million judgment against Future FinTech Group (Nasdaq: FTFT). The judgment stems from FTFT's failure to pay fees after raising over $80 million from investors introduced by FT Global. Key developments include:
1. A New York District Court order for FTFT to turn over subsidiary shares for sale.
2. Denial of FTFT's motion to quash a subpoena on its accounting firm.
3. FT Global's plans to pursue enforcement in additional jurisdictions and potentially against FTFT's officers and directors.
Despite these efforts, FTFT has not yet paid any part of the judgment, and it's uncertain if its subsidiaries have sufficient value to satisfy the amount owed.
FT Global Capital, un broker-dealer con sede a Miami Beach, sta intensificando gli sforzi per riscuotere un giudizio di 10,8 milioni di dollari contro Future FinTech Group (Nasdaq: FTFT). Il giudizio deriva dal mancato pagamento delle spese da parte di FTFT dopo aver raccolto oltre 80 milioni di dollari da investitori presentati da FT Global. Sviluppi chiave includono:
1. Un'ordinanza del Tribunale Distrettuale di New York che ordina a FTFT di cedere azioni delle sue filiali per la vendita.
2. Rigetto della mozione di FTFT per annullare un citazione al suo studio contabile.
3. I piani di FT Global per perseguire l'esecuzione in ulteriori giurisdizioni e potenzialmente contro i funzionari e i direttori di FTFT.
Nonostante questi sforzi, FTFT non ha ancora pagato alcuna parte del giudizio e non è certo se le sue filiali abbiano valore sufficiente per soddisfare l'importo dovuto.
FT Global Capital, un corredor-dealer con sede en Miami Beach, está intensificando los esfuerzos para cobrar un fallo de 10,8 millones de dólares contra Future FinTech Group (Nasdaq: FTFT). El fallo resulta de la falta de pago de tarifas por parte de FTFT después de recaudar más de 80 millones de dólares de inversores presentados por FT Global. Los desarrollos clave incluyen:
1. Una orden del Tribunal de Distrito de Nueva York para que FTFT entregue acciones de subsidiarias para su venta.
2. Negación de la moción de FTFT para anular una citación a su firma contable.
3. Los planes de FT Global para perseguir la ejecución en otras jurisdicciones y potencialmente contra los funcionarios y directores de FTFT.
A pesar de estos esfuerzos, FTFT aún no ha pagado ninguna parte del fallo, y no está claro si sus subsidiarias tienen un valor suficiente para satisfacer la cantidad adeudada.
마이애미 비치에 위치한 중개업체 FT Global Capital이 Future FinTech Group (Nasdaq: FTFT)에 대해 1,080만 달러의 판결을 징수하기 위한 노력을 강화하고 있습니다. 이 판결은 FTFT가 FT Global이 소개한 투자자로부터 8,000만 달러 이상을 모금한 후 수수료를 지불하지 않은 것에서 비롯됩니다. 주요 발전 사항은 다음과 같습니다:
1. FTFT가 판매를 위해 자회사 주식을 넘기도록 명령한 뉴욕 지방 법원의 명령.
2. 회계 법인에 대한 소환장을 무효화하려는 FTFT의 신청이 거부됨.
3. FT Global이 추가 관할권에서 강제 집행을 추구하고 FTFT의 임원 및 이사에 대해 잠재적으로 조치를 취할 계획.
이러한 노력에도 불구하고 FTFT는 아직 판결금의 어느 부분도 지불하지 않았으며, 자회사들이 채무를 갚기에 충분한 가치를 가지고 있는지는 불확실합니다.
FT Global Capital, un courtier-négociant basé à Miami Beach, intensifie ses efforts pour recouvrer un jugement de 10,8 millions de dollars contre Future FinTech Group (Nasdaq: FTFT). Le jugement découle de la défaillance de FTFT à payer des frais après avoir levé plus de 80 millions de dollars auprès d'investisseurs introduits par FT Global. Les développements clés comprennent :
1. Un ordre du tribunal de district de New York obligeant FTFT à céder des actions de ses filiales à la vente.
2. Rejet de la motion de FTFT pour annuler une assignation à son cabinet comptable.
3. Les projets de FT Global de poursuivre l'exécution dans d'autres juridictions et potentiellement contre les dirigeants et administrateurs de FTFT.
Malgré ces efforts, FTFT n'a pas encore payé la moindre partie du jugement, et il demeure incertain que ses filiales aient une valeur suffisante pour satisfaire le montant dû.
FT Global Capital, ein in Miami Beach ansässiger Broker-Dealer, intensiviert die Bemühungen, ein Urteil in Höhe von 10,8 Millionen Dollar gegen Future FinTech Group (Nasdaq: FTFT) einzutreiben. Das Urteil ergibt sich aus der Nichterfüllung von Zahlungsaufträgen durch FTFT, nachdem über 80 Millionen Dollar von Investoren gesammelt wurden, die von FT Global eingeführt wurden. Wichtige Entwicklungen sind:
1. Eine Anordnung des New Yorker Bezirksgerichts, dass FTFT Tochtergesellschaftsanteile zum Verkauf überträgt.
2. Ablehnung des Antrags von FTFT, eine Vorladung an seine Wirtschaftsprüfungsgesellschaft aufzuheben.
3. FT Globals Pläne, die Vollstreckung in weiteren Jurisdiktionen und möglicherweise gegen die Führungskräfte und Direktoren von FTFT zu verfolgen.
Trotz dieser Bemühungen hat FTFT noch keinen Teil des Urteils bezahlt, und es ist ungewiss, ob die Tochtergesellschaften einen ausreichenden Wert haben, um den geschuldeten Betrag zu begleichen.
- FT Global Capital secured a $10.8 million judgment against Future FinTech Group
- Court order granted for FTFT to turn over subsidiary shares for sale
- Subpoena on FTFT's accounting firm upheld, requiring disclosure of financial records
- Future FinTech Group failed to pay fees after raising $80 million from investors
- FTFT has not paid any part of the $10.8 million judgment
- Uncertainty about the value of FTFT's subsidiaries to satisfy the judgment
- Potential legal action against FTFT's officers and directors
Insights
This legal development is significant for Future FinTech and its investors. The court's order to turn over subsidiary shares for auction is a severe enforcement measure, indicating the gravity of the situation. This could potentially lead to a substantial restructuring or asset loss for Future FinTech.
The denied motion to quash the subpoena on Future FinTech's accounting firm is another critical blow, as it may expose detailed financial information. This transparency could reveal hidden assets or financial irregularities, further complicating Future FinTech's position.
Investors should be wary of potential value erosion and closely monitor Future FinTech's ability to maintain normal operations under these pressures. The company's failure to post a bond or make any payments on the judgment raises serious questions about its financial health and management decisions.
The
The court-ordered turnover of subsidiary shares could lead to a significant reduction in Future FinTech's asset base and revenue streams. This may impair the company's ability to generate future cash flows and maintain its current operations.
Furthermore, the legal actions against Future FinTech's accounting firm could expose financial vulnerabilities or inconsistencies in reporting. Investors should be prepared for potential volatility in stock price and consider the risk of further financial deterioration as legal proceedings continue.
This situation raises serious red flags about Future FinTech's corporate governance. The company's failure to pay or even post a bond for a
The court order to turn over subsidiary shares indicates a potential loss of control over key assets, which could significantly impact the company's operational structure and decision-making processes. This level of external intervention is unusual and concerning for a publicly traded company.
Investors should closely scrutinize Future FinTech's board oversight and management's handling of this situation. The potential for legal action against officers and directors further underscores the gravity of the governance issues at play. This case may serve as a cautionary tale about the importance of due diligence in corporate partnerships and financial obligations.
On April 16, 2024, the
On August 28, 2024, the District Court in
Earlier, FT Global, through its counsel, served a third-party subpoena on Fortune CPA, Inc., Future FinTech's independent public accounting firm, to obtain information relating to banking and financial accounts of Future FinTech. On August 8, 2024, the
FT Global intends to continue with its enforcement effort, as appropriate, which may include seeking relief in additional jurisdictions in
About FT Global Capital, Inc.
FT Global Capital, Inc. is an investment banking firm and a FINRA member firm based in
Olshan Frome Wolosky LLP, a
About Future FinTech
Future FinTech Group Inc.'s filings made with the
Media Enquiries:
Alec Orudjev
General Counsel, FT Global Capital, Inc.
646-202-2619
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SOURCE FT Global Capital, Inc.
FAQ
What is the amount of the judgment FT Global Capital is trying to collect from Future FinTech Group (FTFT)?
Why was the lawsuit filed against Future FinTech Group (FTFT)?
What recent court order has been granted in favor of FT Global Capital against FTFT?
Has Future FinTech Group (FTFT) made any payments towards the judgment?
