Auditors will not fight SEC claims they "enabled" Madoff fraud
Accountancy Age, 03 Nov 2009
The auditors of digraced fraudster Bernard Madoff have will have permanent injunctions placed against them after admitting to a partial judgement in a US court.
The US financial regulator, the Securities and Exchange Commission said Madoff’s auditor, Friehling and Friehling & Horowitz, would not fight claims they “enabled Madoff's fraud by falsely stating they audited the convicted fraudster's financial statements”
The SEC claimed Friehling and F&H enabled Madoff's Ponzi scheme by falsely stating, in annual audit reports, that F&H audited Bernard L. Madoff Investment Securities LLC's financial statements pursuant to standards.
Read the full SEC statement:MADOFF AUDITORS CONSENT TO PARTIAL JUDGMENT IMPOSING PERMANENT INJUNCTIONS
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