PricewaterhouseCoopers $2.2 million for turning a blind eye on client
assets at JPMorgan Chase.
The accounting firm failed to inform JPMorgan that more than $8
billion of their clients' funds were mixed up with the bank's own
funds in seven years of reports filed with the Financial Service
Authority, beginning in 2002.
The New York Times reported Friday the fine, imposed by the
Accountancy and Actuarial Discipline Board, was the largest ever meted
out by that regulator.
"The tribunal found that P.W.C. had committed misconduct in respect of
each allegation in the disciplinary complaint before it. The tribunal
found the misconduct in this case to be very serious," the regulator
said in a statement.
However, the disciplinary board also said it had handed out a lower
fine than originally assessed due to the firm's cooperation with the
inquiry.
No comments:
Post a Comment