Big Ernst and Young Settlement on Bally Fitness, Large Implications

This is the leading item on the SEC.gov website today, with the SEC charging Ernst & Young LLP and 6 current and former partners for their roles in the accounting fraud at Bally Total Fitness Holding Corporation...

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BDO Seidman Ordered to Pay $521 Million Fine

We have a story about one of the Big Six, and it appears that the risks of doing business as Big Four auditors are not confined to them alone.

BDO Seidman has been ordered to pay $170 million in compensation and $351 million punitive damages. The charges: being negligent to show fraud in Bankest, a financial services company owned by a Portuguese bank, Banco Espirito Santo. A six member jury decided that BDO was guilty in one hour, having found it grossly negligent in June...

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PricewaterhouseCoopers Pays a Whopping Fine in Tyco Case

PricewaterhouseCoopers recently agreed to pay a whopping $225 million to settle a securities and accounting fraud class-action lawsuit brought by Tyco shareholders. This brings the total settlement amount in excess of $3 billion for investors.

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