A tale of two SEC enforcement actions, Part 2 – Luckin Coffee and GE
Potemkin village? Paper tiger? One of Jay Clayton's last acts as SEC Chairman is full of sound and fury but does nothing to restore confidence in or the integrity of US financial reporting.
This time the SEC put the word “fraud” in the headline and in the first paragraph.
A week after it announced a $200 million settlement with GE for “disclosure failures,” the Securities and Exchange Commission settled with China’s Luckin Coffee for $180 million.
Luckin Coffee Agrees to Pay $180 Million Penalty to Settle Accounting Fraud Charges Washingt…