SEC censures Farber Hass Hurley over accounting exam deficiencies
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.