Feds Get $149.5M Deal With Deloitte Over Taylor Bean Audits

By Jon Hill (February 28, 2018, 8:37 PM EST) -- The U.S. Department of Justice said Wednesday that Deloitte & Touche LLP has agreed to pay $149.5 million to settle potential False Claims Act liability stemming from its work auditing the nonbank lender Taylor Bean & Whitaker Mortgage Corp., which collapsed in scandal in 2009.

The DOJ said Wednesday that Deloitte should have spotted the fraud but didn't because its "audits knowingly deviated from applicable auditing standards." (AP) Deloitte was the independent outside auditor for Taylor Bean in the years leading up to the mortgage lender's bankruptcy in August 2009, during which time the government has alleged Taylor Bean was involved...

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