SEC Alleges Accounting Fraud By AgFeed, Former Principals

Law360, New York (March 11, 2014, 7:33 PM EDT) -- The U.S. Securities and Exchange Commission sued bankrupt AgFeed Industries Inc. and former principals of the company on Tuesday over an alleged accounting fraud scheme, in which revenues were inflated by $239 million in order to boost the industrial hog producer’s stock price.

Four executives at the China-based but U.S.-traded company purportedly used a variety of methods to inflate revenue from 2008 through 2011, such as faking invoices for sales of feed and nonexistent hogs, the latter of which executives later tried to cover up by...
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