Ernst & Young to pay $10 million to settle SEC investigation

Ernst & Younger LLP pays $10 million to settle a regulatory investigation into allegations that it improperly obtained confidential data in pursuit of a contract to audit a public firm’s books.

The Securities and Alternate Fee additionally fined 4 accountants allegedly concerned within the misconduct: an Ernst & Younger companion, two retired companions and a former chief accounting officer of the unnamed shopper firm who shared the aggressive data with them, in accordance with the company. The 4 accountants had been all suspended from reviewing the monetary statements of public corporations for intervals starting from one to a few years.

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