PwC in court over audit of Madoff feeder funds

Victims of fraudster Bernard Madoff are suing accounting giant
PricewaterhouseCoopers over its audit of feeder funds – the funds were used by
the convicted fraudster to help pull off his $65bn (£45bn) scam.

The Canadian branch of PwC is being sued for as much as £2bn in damages in
seven law suits by investors of Fairfield Sentry, an investment fund which
funneled money into Madoff’s Ponzi scheme, The Daily Telegraph

Fairfield Sentry’s $7.2bn of assets were purportedly held in short-term US
treasury bills, but the funds simply did not exist.

PwC Canada said it audited Fairfield Sentry, but `was not the auditor for
Bernard Madoff Investments where the alleged fraud occurred.

`PwC Canada’s auditing of the fund’s financial statements fully complied with
professional standards,’ the firm said.

Read the full story:
victims to sue accountants PwC over feeder fund audits

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