Manhattan Investment Fund allegedly continued to report gains even though it was incurring losses.
According to today’s Financial Times, the class action lawsuit filed in the US district court of Manhattan on behalf of Cromer Finance, alleges Deloittes, Bear Stearns and Fund Adminstration Services (Bermuda) – an affiliate of Ernst & Young – allowed the head of the fund, Michael Berger, to engage in fraudulent activity costing investors about $350m (£221.5m).
Deloittes reacted to accusations that, as auditors, they had recklessly overlooked the losses by saying the allegations were baseless.
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.
Kevin Reed discusses whether new accountancy group Cogital can rival the Big Four...and its likely direction of travel