Audit Firm Charged With Fraud Relating to Auditing of Penny Stock Companies — SEC Press Release

A California-based audit firm is being charged with conducting flawed audits and reviews of financial statements, which are critical sources of information for investors.

The SEC’s Enforcement Division alleges that Anton & Chia LLP and its accountants ignored numerous indications of fraudulent financial reporting by three of the firm’s audit clients – microcap companies Accelera Innovations Inc., Premier Holding Corp., and CannaVEST Corp.  For example, Accelera’s public filings allegedly included revenue, assets, and liabilities from an entirely different company.  The Enforcement Division alleges that instead of standing in the way of Accelera’s fraud, Anton & Chia facilitated it.

via Audit Firm Charged With Fraud Relating to Auditing of Penny Stock Companies — SEC Press Release