MIAMI BEACH, Fla., Aug. 30, 2024 /PRNewswire/ -- FT Global Capital, Inc. ("FT Global"), a Miami Beach-based registered broker-dealer and investment banking firm, announced today that it has stepped up its enforcement efforts to collect on $10.8 million Judgment against Future FinTech Group Inc. (Nasdaq: FTFT) ("Future FinTech"). On January 14, 2021, FT Global brought this lawsuit based on Future FinTech's failure to pay fees after raising over $80 million from investors that FT Global introduced to Future FinTech.
On April 16, 2024, the U.S. District Court for the Northern District of Georgia entered an Amended Judgment in favor of FT Global against Future FinTech in the approximate amount of $10.8 million. Future FinTech later moved to vacate the Amended Judgment, but failed to post any bond. On May 21, 2024, the Court ruled that FT Global could enter the Amended Judgment in other Federal Districts, allowing FT Global to commence further enforcement proceedings. FT Global has entered the Amended Judgment in the Southern District of New York, among other courts. To date, Future FinTech has not yet paid any of the judgment.
On August 28, 2024, the District Court in New York granted FT Global's motion for an order directing FTFT to turn over the shares of its subsidiaries to be sold to satisfy the Amended Judgment. The Court's Order provides, in pertinent part, that "…Defendant shall turn over the shares, membership, or limited partnership interests in all of its subsidiaries, and the corporate seals of its China and Hong Kong-based subsidiaries, to the U.S. Marshal for auction or sale until the judgment is satisfied." While FT Global intends to work with the U.S. Marshal in connection with the foregoing, it is unclear if the subsidiaries have sufficient value to pay the Amended Judgment.
Earlier, FT Global, through its counsel, served a third-party subpoena on Fortune CPA, Inc., Future FinTech's independent public accounting firm, to obtain information relating to banking and financial accounts of Future FinTech. On August 8, 2024, the U.S. District Court for the Central District of California denied Future FinTech's motion to quash the subpoena, thus requiring Fortune CPA to turn over the requested records.
FT Global intends to continue with its enforcement effort, as appropriate, which may include seeking relief in additional jurisdictions in the United States, in foreign jurisdictions or against Future FinTech's officers and directors.
About FT Global Capital, Inc.
FT Global Capital, Inc. is an investment banking firm and a FINRA member firm based in Miami Beach, FL and New York, NY.
Olshan Frome Wolosky LLP, a New York law firm, serves as FT Global's litigation counsel. Eric Lang, Esq. of Lang Legal served as co-counsel. FT Global has also retained local counsel in various jurisdictions to prosecute its enforcement effort, noted above.
About Future FinTech
Future FinTech Group Inc.'s filings made with the U.S. Securities and Exchange Commission are at https://www.sec.gov/edgar/search/#/ciks=0001066923&entityName=Future%2520FinTech%2520Group%2520Inc.%2520(FTFT)%2520(CIK%25200001066923).
Contact:
Alec Orudjev
General Counsel, FT Global Capital, Inc.
646-202-2619 phone
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