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  "documentTitle": "NQ Mobile (NQ)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2013-10-24 00:00:00",
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  "notes": "The text discusses the 'China Fraud' ecosystem, specifically referencing Longtop Financial Technologies (LFT) and the complicity of auditors and bank employees.",
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      "text": "We strongly suspect that the vast majority of the $127.9 million cash and investments NQ reported having as of December 31, 2012 is not actually in the Company's accounts; rather, that some to all of NQ's IPO proceeds have been diverted in order to further the accounting fraud.",
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      "text": "NQ's current and former CFO are old hands in the China Fraud world. We do not suspect that they were ever culpable in the frauds with which they have been involved...",
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      "text": "LFT) was confirmed as a fraud, numerous very China savvy investors were stunned. We recall conversations with some of these investors, and their shock was due to their faith in LFT CFO Derek Palaschuk...",
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      "text": "We strongly suspect that the vast majority of the $127.9 million cash and investments NQ reported having as of December 31, 2012 is not actually in the Company's accounts...",
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      "text": "Forging cash balances in China is shockingly common and easy. Unfortunately, cash balance confirmation is the only anti-fraud procedure most public company audits incorporate...",
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      "text": "60 2012 20F, p. F-23. 61 See Longtop 6-K filed May 23, 2011.",
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      "text": "NQ's Cash Balance (a Level 2 Asset) is Highly Likely to be Fraudulent",
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