FTX Audit Firm Prager Metis Settles with U.S. SEC for $1.95 Million
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September 18, 2024
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Prager Metis Settles with SEC for $1.95 Million Over FTX Audit
According to The Block, accounting firm Prager Metis has reached a settlement with the US Securities and Exchange Commission (SEC), agreeing to pay $1.95 million to resolve allegations of negligence in auditing the now-bankrupt cryptocurrency exchange FTX.
The SEC alleged that Prager Metis made "false statements" about FTX's financial position in two audit reports submitted between February 2021 and April 2022, failing to adhere to generally accepted auditing standards (GAAS). The firm also allegedly failed to adequately disclose the potential risks associated with the relationship between FTX and Alameda Research.
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