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Tag >> McGladrey & Pullen
Oct 05
2010

Two accounting firms fined $1.7 million for audit

Posted by Stephen Taub in McGladrey & PullenLLPcomplianceCommodity Futures Trading CommissionCFTCauditAccounting

Stephen Taub

Two accounting firms agreed to pay a total of $1.7 million and a certified public accountant (CPA) agreed to a permanent bar stemming from Commodity Futures Trading Commission charges of failing to audit properly a client that was earlier accused of fraud and misuse of customer funds.

According to the CFTC, McGladrey & Pullen, LLP and Altschuler, Melvoin & Glasser LLP and partner G. Victor Johnson II failed to properly audit Sentinel Management Group, a Northbrook, Ill.-based futures commission merchant that declared Chapter 11 bankruptcy in August 2007. M&P acquired assets relating to AMG's audit practice in 2006.

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