The Securities and Exchange Commission has filed a subpoena enforcement action against Deloitte Touche Tohmatsu’s member firm in Shanghai seeking documents related to an investigation of possible fraud by a longtime client, Longtop Financial Technologies Limited.
According to the SEC’s application and supporting papers that were filed in a federal district Court in Washington, D.C., the SEC issued a subpoena on May 27, and Deloitte & Touche Shanghai was required to produce the documents by July 8. The SEC said D&T Shanghai possessed "vast amounts of documents" related to the subpoena, but has not produced any documents to date. As a result, the SEC said it is unable to gain access to information that it considers critical to an investigation that has been authorized for the protection of public investors.
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