SEC initiates legal action against FTX's auditor
Cointelegraph
Published Sep 30, 2023 09:53PM ET
Updated Sep 30, 2023 11:40PM ET
The United States Securities and Exchange Commission (SEC) has commenced legal proceedings against an accounting firm that had provided services to cryptocurrency exchange FTX prior to its bankruptcy declaration.
According to a September 29 statement, the SEC alleged that Prager Metis provided auditing services to its clients without maintaining the necessary independence, as it continued to offer accounting services. This practice is prohibited under the auditor independence framework.
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Written By: Cointelegraph
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