- Topics
- Regions
- Events
- Webcasts
- Resources
- CW Exclusives
- Membership
“For tracking litigation, enforcement, and regulatory developments, Compliance Week
should be your prime source.”- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
Chinese regulator fines Luckin Coffee, affiliated groups $9M
By 
Kyle Brasseur2020-09-22T17:49:00
China’s market competition regulator announced a fine of 61 million yuan (U.S. $9 million) against Luckin Coffee and a group of affiliated firms in response to the coffee chain’s inflated sales scandal.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
ArticleLuckin Coffee to pay $180M for accounting fraud
China-based Luckin Coffee has agreed to a $180 million penalty as part of a settlement with the U.S. Securities and Exchange Commission to resolve charges related to the coffee chain’s inflated-sales scandal.
-
ArticleCongress passes bill forcing Chinese companies to comply with U.S. audit rules
In a bipartisan and unanimous vote, the House passed a bill Wednesday that could kick publicly traded Chinese-based companies off U.S. exchanges.
-
ArticleLookers discloses $60.5M loss following accounting fraud probe
After delaying for eight months its 2019 audited financial statements, U.K. car dealership chain Lookers has disclosed a £45.5 million (U.S. $60.5 million) loss following discovery of accounting fraud by a former employee.
More from Regulatory Enforcement
-
News BriefSEC fines LPL Financial $18M for failed due diligence on new, high-risk accounts
Broker-dealer LPL Financial will pay $18 million to settle charges by the Securities and Exchange Commission that its anti-money laundering program did not properly vet customers and failed to close or restrict thousands of high-risk accounts.
-
News BriefAmex to pay $230M in penalties to resolve charges it deceived customers, banking partner
American Express will pay approximately $230 million in fines and penalties to settle allegations that it deceptively marketed credit card and wire transfer products, and also misrepresented the tax benefits of two payroll wire transfer products.
-
News BriefSEC fines Wells Fargo $35M, Merrill Lynch $25M over improper cash sweeps
Wells Fargo and Merrill Lynch will pay $35 million and $25 million, respectively, to settle allegations by the Securities and Exchange Commission that their handling of investment accounts’ cash sweep programs violated federal law.