SEC censures Farber Hass Hurley over accounting exam deficiencies
By 
Jeff Dale2022-08-26T16:31:00
A California-based accounting firm and two of its partners settled charges with the Securities and Exchange Commission alleging “repeated failures” in conducting custody examinations for two SEC-registered investment advisers.
Farber Hass Hurley (FHH) and its partners Michel Abedian and Michael Hurley did not use proper attestation and compliance standards when conducting surprise examinations of clients, according to the SEC’s order filed Wednesday.
Without admitting or denying wrongdoing, FHH agreed to a censure. Abedian and Hurley agreed to be suspended from practicing before the SEC as accountants for two and one years, respectively. Upon reinstatement, both partners will be required to undergo independent reviews.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
ArticleSEC gets earful about disclosure requirements from investors
Disclosure requirements for public companies have ballooned over the decades and need to be reigned in, the three members of the Securities and Exchange Commission (SEC), said Thursday.
-
ArticleSEC enforcement priorities revert back to basics
Recent pronouncements made by the U.S. Securities and Exchange Commission leadership, alongside the recent overhaul of the SEC Enforcement Manual, collectively signal a back-to-basics enforcement approach that appears beneficial for companies in their dealings with the agency.
-
ArticleNew DOJ policy places corporate enforcement emphasis on individual misconduct
The Department of Justice (DOJ) criminal division has announced a blanket policy against prosecuting companies that voluntarily disclose criminal wrongdoing and take other steps—and holding any individuals involved accountable for their criminal activities.
More from Regulatory Enforcement
-
ArticleU.K. competition regulator ‘very likely’ to use new enforcement powers despite government’s pro-growth agenda
New powers granted to the U.K.’s main competition watchdog will result in greater scrutiny, tougher enforcement, and a stark warning for companies to review their sales and marketing promotions—especially since some practices have been pushed firmly into the spotlight thanks to legislation that came into effect last year.
-
ArticleFCA drive to reduce its investigation costs likely to add to compliance burden for smaller firms, warn experts
The U.K. financial regulator’s move towards “impactful deterrence” could see smaller and mid-size firms come increasingly under the spotlight as the watchdog aims to tackle market-wide concerns instead of primarily focusing on large players capable of doing the most harm.
-
ArticleInternational agents take down major site where criminals traded stolen corporate info
A major online site used by cybercriminals to buy and sell information stolen from corporations and individuals worldwide has been shut down by an international enforcement action, the Department of Justice announced.