On February 28 the US Justice Department fined Deloitte & Touche LLP $149.5 million for alleged fraud against the government related to its role as the independent outside auditor of Taylor, Bean & Whitaker Mortgage Corp. Also: The damages phase of the FDIC v. PwC case regarding Colonial Bank is set to begin in Washington DC on March 20.
The MF Global Holdings Bankruptcy Plan Administrator filed a lawsuit on March 29 for professional malpractice and breach of contract against PwC as auditor of MF Global Holdings. I will be writing about the complaint and the status of the case early next week. In the meantime, you can review all I’ve written prior. I’ve updated this post with additional links as well as a link to my e-book compilation of MF Global columns from all sources that has material going back to its roots in the Refco fraud.
Pete Brush at Law.com did a story last week about a story about in pari delicto, the adverse interest exception, and holding third-parties like auditors liable for fraud in bankruptcy cases. I was quoted.
The SEC is busy chasing Ponzi schemers and foreign bribers. But bogus accounting remains a bigger danger to the markets. (More links.)
Something is still missing today, the one year anniversary of the bankruptcy of MF Global.
What’s still missing from this sordid affair is an accounting of the whereabouts of the financial auditor, PricewaterhouseCoopers.
Almost everyone wondering where the missing MF Global customer assets have gone thinks they will show up eventually. I believe the assets are long gone.
As those of you who follow my Twitters know, last Wednesday I had the good fortune to have dinner with our Governor and a few other State of Illinois executives and local entrepreneurs. Most were in the technology arena, as is my client, who I was there to support, cajole, nudge and share a rib […]
Picture Source Back in November, I wrote about the imperial bankers and the impending doom and gloom that permeated the market. I warned that the CEOs and their Big 4 buddies should be nervous, too. The Big 4 are now inextricably tied to their clients’ fortunes. Lawsuits are flying fast and furious as soon […]
MF Global Inc., the largest broker of exchange-traded futures and options, set aside $141.5 million to cover losses by an employee who “substantially exceeded” his own account’s trading limits betting on the wheat market. The company’s shares fell 28 percent, the biggest drop since their July debut, after the firm said broker Evan Dooley made […]