By Adrianne Appel2022-09-26T17:03:00
Accounting firm Friedman will pay more than $1.5 million to settle charges it failed to comply with the standards of the Public Company Accounting Oversight Board (PCAOB) while auditing two companies, the Securities and Exchange Commission (SEC) announced Friday.
Friedman exhibited improper conduct while auditing the companies, including iFresh for fiscal years 2017-20, the SEC alleged in its order. The second firm, unnamed by the agency, was audited by Friedman for fiscal years 2016-20.
The SEC previously charged iFresh, a wholesale grocery business with retail stores in Florida, Massachusetts, and New York, with repeatedly filing materially inaccurate financial statements. iFresh and its chief executive officer, Long Deng, engaged in undisclosed transactions with entities controlled by Deng or that were owned by Deng’s brother, the agency alleged.
2023-03-28T13:19:00Z By Kyle Brasseur
Friedman agreed to pay a $100,000 penalty to settle charges by the Public Company Accounting Oversight Board it over-relied on the work of unregistered Chinese firms across 12 public company audits.
2022-10-12T19:50:00Z By Kyle Brasseur
Paul Munter, acting chief accountant at the Securities and Exchange Commission, issued a statement highlighting auditors’ responsibilities in fighting fraud, including his office’s recent observations of shortcomings in the area.
2025-10-16T17:53:00Z By Adrianne Appel
About 36 percent of financial firms are using artificial intelligence in compliance, and most firms intend to ramp up their reliance on AI in compliance in the next 12 months, according to a new survey by Nasdaq.
2025-10-16T20:38:00Z By Neil Hodge
Europe’s massive financial sector has become a magnet for illicit money flowing through its banks and markets. A new EU agency will be taking the problem head-on to fight against money laundering.
2025-10-08T18:28:00Z By Adrianne Appel
Charlie Javice, a former CEO who duped JPMorgan Chase into purchasing her start up company for $175 million, has been ordered to forfeit more than $22 million by the Department of Justice (DOJ) and to spend 7 years in jail.
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.
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