The U.S. Securities and Exchange Commission filed and settled charges last week against Friedman LLP, the former auditing firm of stablecoin issuer Tether, finding “serial violations of the federal securities laws” and numerous instances of “improper professional conduct,” according to an order published Monday.
In the SEC’s investigation of Friedman LLP’s audits of two publicly traded companies, Chinese grocery chain iFresh and another, unnamed company, the auditor was found to have lied about conducting its audits in accordance with the standards of the Public Company Accounting Oversight Board.
The SEC’s order, issued Friday, details sloppy accounting practices that were common at Friedman LLP from 2015 to 2020, including its failure to “respond to fraud risks” and “exercise due professional care and professional skepticism,” among other things, the order said.
Though the SEC’s order against Friedman LLP makes no mention of Tether, the stablecoin issuer retained the New York-based accounting firm from May 2017 to January 2018, when the professional relationship was “dissolved.” At the time, a representative for Tether told CoinDesk that the firm was fired for not providing an audit quickly enough.
The question of Tether’s reserves is one of the crypto industry’s most persistent mysteries, spurred on by the stablecoin issuer’s own secrecy. Though Tether has taken recent steps toward increased transparency, publishing semiregular attestations verifying its reserves, it has closely guarded other information about its holdings, including their actual composition.
Last year, Tether paid $18.5 million to settle a 22-month investigation by the New York attorney general’s office (NYAG) into whether it sought to cover up the loss of $850 million in customer and corporate funds held by a payment processor.
Tether’s attorneys have also petitioned the New York Supreme Court to prevent the NYAG from providing the public with documents detailing its reserves, after CoinDesk filed a Freedom of Information Law request seeking access to some of the documents generated by NYAG’s investigation.
In its settlement agreement with the SEC, Friedman LLP has agreed to train its staff in proper auditing procedures, and will pay a $1 million civil penalty and $564,138 in disgorgement and prejudgment interest.
Related Quotes
There hasn't been a block mined on the Bitcoin blockchain for more than one hour, leaving thousands of transactions stuck in an unconfirmed state.
Exxon Mobil says it has left the country after Moscow transferred the energy company’s holding to a Russian entity.
When a Washington state beauty salon charged Simran Bal $1,900 for training after she quit, she was shocked. Not only was Bal a licensed esthetician with no need for instruction, she argued that the trainings were specific to the shop and low quality. Bal's story mirrors that of dozens of people and advocates in healthcare, trucking, retail and other industries who complained recently to U.S. regulators that some companies charge employees who quit large sums of money for training.
Exxon Mobil Corp said on Monday that it left Russia completely after President Vladimir Putin expropriated its properties following seven months of discussions over an orderly transfer of its 30% stake in a major oil project. Exxon did not say if it received any compensation for the assets, which it had valued at more than $4 billion. An Exxon spokesperson declined to comment on whether it will proceed to contest the seizure through an international arbitration process, a possibility flagged in August.
(Bloomberg) — The three countries that helped Moscow to maintain crude exports in the wake of its invasion of Ukraine appear to be stepping back into the market for Russian barrels, with Turkey taking a lead role in the latest buying.Most Read from BloombergS&P 500 Bounces Off Make-Or-Break Technical Level: Markets WrapForecast for US Recession Within Year Hits 100% in Blow to BidenRussia Hits Ukrainian Capital Kyiv With Kamikaze DronesThe Time to Buy the Dip Is Fast Approaching — for One Count
My question is, do I need to retain a financial advisor for a 1% fee or can I navigate my retirement financially with an accountant only? Answer: Firstly, understand the differences in what an accountant can do for you, and what a financial adviser can. “An accountant could help with taxes, but is unlikely to address anything else,” says Julia Kramer, certified financial behavior specialist and certified public accountant at Signature Financial Planning.
Think price levels will be back to normal soon? Think again.
Few travel nightmares can be worse than packing small to avoid paying for a checked bag and then, upon arriving at the airport, being told that the bag is too big and needs to be checked anyway. At the same time, a recent study from IdeaWorks found that the percentage of revenue airlines derive from baggage fees has been rising steadily — 3.7% in 2019, 3.9% in 2020 and 4.6% in 2021. In February 2021, five passengers who traveled with American Airlines filed a class action lawsuit that accused the airline of incorrectly charging them baggage fees that they were not required to pay.
The U.S. International Trade Commission decided to investigate Samsung Electronics Co, Ltd (OTC: SSNLF) and Taiwan Semiconductor Manufacturing Company Ltd (NYSE: TSM) for alleged violations in the import and sale of specific semiconductor devices, mobile devices, and components that infringe patents. The regulators will also investigate Qualcomm Inc (NASDAQ: QCOM), Reuters reported. Also Read: China's Semiconductor Industry 'Decapitated Overnight': What 'Annihilation Looks Like' Shares in top Ch
Domino's Pizza made its mark by offering a fast-food type of pizza service option. Domino's marketing promotion to deliver pizza in 30 minutes really helped the company grow. Timely delivery was one of the key ingredients to its success.
Walmart's Global Chief Technology Officer says crypto transactions will be right "in the middle" of its digital strategy moving forward.
A recent study from the career experts Zety says that 40% of respondents fear retirement more than death. And almost nine in 10 responded that their biggest retirement fear is not having enough income. For married couples, planning retirement for two people can … Continue reading → The post Average Retirement Savings for Married Couples By Age appeared first on SmartAsset Blog.
Two players in Oregon's semiconductor sector may be headed to court over patent infringement claims involving materials used in EUV lithography.
Applied Materials, KLA, Lam Research and ASML Holding are included in this Analyst Blog.
Oil output at the giant Exxon-led Sakhalin-1 Russian Pacific project collapsed following the U.S. major's refusal to accept local insurance for tankers after Western insurers pulled out due to sanctions, several industry sources told Reuters. Western insurers withdrew cover from tankers operated by state-run Sovcomflot, Russia's biggest shipping group, which was sanctioned following Moscow's invasion of Ukraine. "Exxon has refused to take Sovcomflot's tankers," one industry source said.
(Bloomberg) — Goldman Sachs Group Inc.’s David Solomon is embarking on his third major reorganization in just four years as chief executive officer — undoing some of the signature moves he made as recently as 2020 and spotlighting a new class of his most senior lieutenants.Most Read from BloombergForecast for US Recession Within Year Hits 100% in Blow to BidenS&P 500 Bounces Off Make-Or-Break Technical Level: Markets WrapRussia Hits Ukrainian Capital Kyiv With Kamikaze DronesThe Time to Buy th
Despite hiccups with supply shortages and COVID-related shutdowns, General Motors CEO Mary Barra is bullish on the China marketplace. GM CEO Mary Barra details the ‘tremendous opportunity’ in China
The war cannot be won with a peacetime economy. Markets simply move too slowly for the kind of major structural changes that are required.
When it comes to retirement savings, American workers have a lot of work to do. A recent Insured Retirement Institute survey found that workers between ages of 40 and 73 have insufficient retirement savings to cover their income needs, and they … Continue reading → The post Most Americans Are Behind on Retirement Savings – Are You One of Them? appeared first on SmartAsset Blog.
(Bloomberg) — Vale SA, the world’s No. 2 iron ore producer, churned out more of the steelmaking ingredient than expected last quarter to add further pressure to prices that have been battered by recession fears.Most Read from BloombergForecast for US Recession Within Year Hits 100% in Blow to BidenS&P 500 Bounces Off Make-Or-Break Technical Level: Markets WrapRussia Hits Ukrainian Capital Kyiv With Kamikaze DronesThe Time to Buy the Dip Is Fast Approaching — for One CountryGoldman Shakes Up Lea