.MaddowBlog: Former President Trump, who spent his term boasting about getting tough with China, has partnered with a dubious Shanghai firm for his equally dubious media company.
A month after its launch, the website was permanently scrapped —Apparently undeterred, the Republican and his team made a related announcement the week before Halloween, launching the Trump Media & Technology Group, which apparently has multimedia ambitions — it says it intends to compete with both Twitter and Netflix — and even hired a high-profile CEO: Former House Intelligence Committee Chairman Devin Nunes saidAnd while that's certainly of interest, what makes this story amazing is...
The SEC took a closer look and came to the conclusion that these companies were, for all intents and purposes, fake — which is a problem, because in the United States, fake companies are not supposed to be publicly traded. A Chinese firm helping former president Donald Trump take his new media company public has been the target of investigations by federal securities regulators, who say the firm misrepresented shell companies with no products and few employees as ambitious, growing enterprises, documents and interviews show. Arc Capital, an investment advisory firm based in Shanghai, has repeatedly helped create or finance companies with little or no revenue, no customers and office locations that point to P.O.
Keep in mind, the Trump Media & Technology Group, launched to great fanfare in October, does not appear to exist in any meaningful way, at least not yet. It has no products, no customers, and no sources of revenue. A securities lawyer
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