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Investors left in the dark over SEC auditor independence charge

Tammy Whitehouse | September 22, 2016

Investors in Universal American Corp. have no idea that more than three years worth of the company’s financial statements were the likely subject of auditor independence violations that led to charges by the Securities and Exchange Commission and a $5 million settlement with Ernst & Young and a former engagement partner.

In its administrative order unveiling the allegations and settlement with EY and former partner Gregory Bednar, the SEC does not identify the company whose audit engagement Bednar led, where he cultivated a close personal relationship with the CFO that led to more than $100,000 in travel and entertainment expenses from 2012 through early 2015. It was...

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