Deloitte & Touche Sued Over Ponzi Scheme At WG Trading

Law360, Los Angeles (March 23, 2012, 8:30 PM EDT) -- Accounting firm Deloitte & Touche LLP was sued Thursday in New York federal court by an Iowa public pension fund that lost millions of dollars in broker-dealer WG Trading Co. LP's alleged Ponzi scheme.

The Iowa Public Employees’ Retirement System has lost more than $38 million on its net investment with WG Trading, according to the lawsuit. Before the fraud was uncovered by the National Futures Association in February 2009, Deloitte & Touche served as WG Trading's independent auditor and issued "clean" opinions of the company's...
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