FTX Audit Firm Prager Metis Settles with SEC for $1.95 Million
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September 18, 2024
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Prager Metis Settles with SEC Over FTX Audit
On September 18th, PANews reported that audit firm Prager Metis has settled with the U.S. Securities and Exchange Commission (SEC), agreeing to pay $1.95 million to resolve allegations of negligence in their audit of now-defunct cryptocurrency exchange FTX.
The SEC alleged that Prager Metis made "false statements" about FTX's financial condition in two audit reports filed between February 2021 and April 2022, failing to comply with generally accepted auditing standards (GAAS). Additionally, the firm allegedly failed to adequately disclose the potential risks associated with FTX's relationship with Alameda Research.
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