A tiny audit firm in New York is now the focus of an SEC investigation into
Bernard Madoff’s multi-billion dollar Ponzi-scheme fraud.
Last week, David G Friehling and his firm Friehling & Horowitz were
charged with fraud over what is thought to be the biggest scam in history.
The US watchdog has accused the firm of saying it had conducted legitimate
audits, when it had not. In its complaint filed in a federal court in Manhattan,
the SEC alleged that from 1991 until 2008 Friehling and his firm ‘merely
pretended to conduct minimal audit procedures of certain accounts to make it
seem like he was conducting an audit’.
Earlier this month Madoff pleaded guilty to all 11 charges against him when
he appeared in a New York court.
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