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SEC Fines Ernst & Young $1.6M

Law360 (March 27, 2007, 12:00 AM EDT) -- Big Four accounting firm Ernst & Young will pay the U.S. Securities and Exchange Commission $1.6 million to settle allegations that it violated auditor independence standards.

In addition to the fine, which was levied in conjunction with E&Y client PNC Financial Services Group, the firm was also censured by the SEC.

The SEC alleged that throughout 2001, E&Y partner Michael Joseph acted as a consultant for an accounting product under development by American International Group that was later sold to PNC.

As a result of Joseph’s...
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