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Ernst & Young Slapped With $2.9M SEC Fine

Law360 (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...
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