When Will the SEC Finally Go After the Auditors?

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When Will the SEC Finally Go After the Auditors?

When Will the SEC Finally Go After the Auditors?

Look who they mention..the same people guarding the foreclosure fraud reviews.


Bloomberg-

Something very unusual happened at the Securities and Exchange Commission this week: The SEC accused three former bank executives of committing fraud by deliberately understating their company’s loan losses during the financial crisis. Such accusations have not been made often in recent years.

Unless you happen to live in Nebraska, you probably haven’t heard of Lincoln-based TierOne Corp., which had about $3 billion assets when it failed in 2010. Yet it’s an important story because of what it shows about the state of securities-law enforcement in the U.S.

[…]

TierOne’s auditor was KPMG LLP, which also was the auditor for Countrywide. (The other Big Four firms are Ernst & Young LLP, PricewaterhouseCoopers LLP and Deloitte & Touche LLP.) Neither KPMG nor any of its personnel were named as defendants in the SEC’s complaint this week. One of the allegations against the former TierOne executives was that they lied to KPMG auditors. Under the Sarbanes-Oxley Act, passed in 2002, lying to an auditor is a punishable offense.

[BLOOMBERG]

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2 Responses to “When Will the SEC Finally Go After the Auditors?”

  1. A punishable offense is only punishable if someone decides to punish the offender.

  2. Ken Hansen says:

    That’s using SOX. I think there are other banks, or thrifts, that aren’t being SOXed, as it were.

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