Chinese Deny Turning Blind Eye to Investment Scams

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Deloitte, one of the accounting giants whose Chinese subsidiaries were targeted in the SEC enforcement action, filed court papers describing the bind it faced. "The SEC has long been aware that the [Chinese government] forbids China-based audit firms to produce audit work papers directly to the SEC, and yet the SEC chose to allow China-based companies to sell securities in the United States despite those restrictions," the court filing said.

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