$1M Fine From SEC To Tether’s Former Audit Firm: Misleading Statements About USDT Reserves

The US Securities and Exchange Commission (SEC) fined Tether’s (USDT) former auditor firm $1 million for “sloppy accounting” charges.

by the SEC Monday, September 26 According to the decision reached today, Tether’s former audit firm Friedman LLP He was fined $1 million for sloppy accounting. 2015-2018 The company, which provided audit services for stablecoin issuer Tether during the years, was charged with “serial violations of federal securities laws” and “inappropriate professional conduct”, according to the SEC’s claim.

As a result of detailed research, the company did not comply with the standards of the accounting supervisory board during the period when it was in the audit chair, and making misleading statements detected. These deceptive statements and careless accounting practices are especially 2017 presented in the Tether reserves It was underlined that it also includes data related to

Tether firm 2018 in a statement made in Friedman LLP company’s does not provide a fast enough control for have been dismissed had announced.

Friedman LLP auditor agency in settlement agreement with SEC train their staff on appropriate audit procedures and agreed to pay a $1 million fine.

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