By Kyle Brasseur2024-05-07T18:58:00
Big Four firms PwC and EY were each penalized by the Financial Reporting Council (FRC) for alleged shortcomings during their respective audits at collapsed investment firm London Capital & Finance (LCF).
Both audit firms were assessed fines of 7 million pounds (U.S. $8.8 million), the FRC announced Tuesday. PwC earned a discount of 30 percent for admissions and early disposal and will pay £4.9 million (U.S. $6.1 million), while EY was awarded the same plus an additional 10 percent off for “exceptional” cooperation down to about £4.4 million (U.S. $5.5 million).
LCF sold £236 million (U.S. $295 million) worth of bonds promising investor returns of 6.5 to 8 percent a year. The investment firm entered administration in January 2019, with more than 11,000 investors suffering significant losses.
2024-08-20T18:56:00Z By Adrianne Appel
PricewaterhouseCoopers agreed to pay 15 million pounds (U.S. $19.5 million) for failing to report suspicions of fraud taking place at investment firm London Capital & Finance before it collapsed, the Financial Conduct Authority announced.
2024-08-08T17:06:00Z By Adrianne Appel
The Financial Reporting Council ordered a unit Ernst & Young UK to pay 296,000 pounds (U.S. $376,000) over the firm’s 2021 audit of Russia mining group Evraz.
2024-07-15T16:41:00Z By Aaron Nicodemus
The U.K.’s Financial Reporting Council fined audit firm MacIntyre Hudson (MHA) and two employees for breaching the agency’s requirements.
2025-10-07T16:08:00Z By Adrianne Appel
Georgia Tech Research Corp. (GTRC) has agreed to pay $875,000 to settle allegations first raised by two compliance officers that its cybersecurity protocols violated acceptable standards for defense contractors, the Department of Justice (DOJ) said.
2025-10-06T17:12:00Z By Adrianne Appel
Tractor Supply Company has agreed to get into compliance with California’s consumer privacy law and to pay a $1.35 million fine—the largest yet by California—to settle allegations it violated the privacy rights of customers and job applicants.
2025-10-06T16:46:00Z By Aly McDevitt
A single $33,000 shipment to Iran triggered a six-figure penalty and years of compliance oversight for biotechnology company LuminUltra Technologies, Inc.
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