Deloitte & Touche Slapped with $50M SEC Fine in Adelphia Fallout : Fri, 13 May 2005

In SEC Litigation release 19202 Deloitte & Touche was slapped with a $25M civil penalty in response to charges that they failed to audit properly the fraud-ridden and sinking Adelphia Communications in 2000. In a another similar proceeding, the SEC proceded to censure Deloitte for "improper professional conduct," resulting in an additional $25M to be paid out by Deloitte. The sum $50M will be deposited into a fund to compensate victims of Adelphia's fraud.

WooHoo! UHACC gets a scoop?!? Apparently this story wasn't sexy enough to get picked up by any sort of mainstream press. Too bad, really. The Adelphia/Deloitte debacle wasn't as big as Enron/Arthur Anderson (what was?), but sheesh, I think Deloitte & Touche is getting off easy here IMO --CGSource: http://www.uhacc.org/cgi-bin/blosxom.cgi

Posted by mongoose, at 23:03 | permanent link | comments