accounting firm

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Ernst & Young Hit With Civil Fraud Suit

Andrew Cuomo cites 'massive accounting fraud' in Lehman Bros. dealings

(Newser) - Andrew Cuomo filed a civil fraud lawsuit against Ernst & Young today, following reports that the company allegedly helped Lehman Brothers mislead investors . According to the complaint, the accounting firm approved Lehman’s use of “Repo 105” transactions, a type of debt that was labeled as sales to reduce... More »

Fraud Charges Loom for Ernst & Young

Accounting firm helped Lehman Brothers cook the books, prosecutors allege

(Newser) - Ernst & Young is poised to become the first major accounting firm charged for having a hand in the financial crisis. New York prosecutors are planning to file civil fraud charges against the firm for the role it allegedly played in the collapse of Lehman Brothers, one of its biggest... More »

Accounting Firm Faces $2B in Lawsuits in Madoff Scam

PricewaterhouseCoopers Canada slapped with 7 lawsuits

(Newser) - The Canadian branch of the world’s largest accounting firm is facing seven lawsuits for up to $2 billion on behalf of investors who fell victim to Bernard Madoff, the Telegraph reports. PricewaterhouseCoopers Canada was the auditor of a feeder fund, Fairfield Sentry, that directed cash to the Ponzi schemer.... More »

Madoff Scam Proves Wall St. Incompetence

Drastic regs needed, and be sure financial firms will resist

(Newser) - If the Bernard Madoff scandal teaches us anything, it’s that Wall Street’s masters “aren’t just too clever by half,” writes Steven Pearlstein in the Washington Post, “they’re not clever at all.” They didn’t just get “bamboozled by a con artist,... More »

Bankrupt Lender's Audit Lapses 'Mind Boggling'

Bankrupt subprime lender, auditor ripped in report on business practices

(Newser) - Auditors at now-bankrupt New Century Financial—once one of the nation’s largest subprime lenders and one of the earliest to fail—were accused of “mind boggling” lapses in a Justice Department report on the debacle released yesterday. Partners at accounting firm KPMG are said to have ignored “... More »

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