U.S. regulators on Wednesday accused a partner and a manager at accounting firm KPMG of failing to properly audit the books of a failed Nebraska bank, the first time auditors have faced federal securities charges over their roles during the 2007-2009 financial crisis.
The Securities and Exchange Commission is seeking to censure KPMG partner John Aesoph, 40, and senior manager Darren Bennett, 35, alleging they failed to properly scrutinize the books of Nebraska-based TierOne Bank. The institution collapsed under the weight of loan losses during the financial crisis.
‘Enforcement 40’ for 2020
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