Ernst & Young Slapped With $2.9M SEC Fine

Law360, New York (August 6, 2008, 12:00 AM EDT) -- Ernst & Young LLP, its chief operating officer and another partner were censured Tuesday by the U.S. Securities and Exchange Commission for “improper professional conduct.”

The company agreed to pay more than $2.9 million to the SEC for entering into a business agreement to produce a series of leadership compact discs with a client who also sat on the boards of three companies audited by the global accounting firm.

According to the SEC order, the matter arose from “an independence-impairing relationship” in which the New York-based...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.