PWC was the independent auditor for Colonial BancGroup, the parent company of Alabama’s Colonial Bank, which collapsed in 2009 after the discovery of a $2 billion fraud.
Judge Determines that PricewaterhouseCoopers was Negligent in Colonial Bank Auditing Case – Constantine Cannon Is Your HELOC Payment About To Skyrocket? mortgage masters group If the circumstances are right, you can use your home equity line of credit, or HELOC, to pay off your mortgage.
A federal judge has found PricewaterhouseCoopers negligent in failing to detect fraud that led to one of the biggest bank failures in the financial crisis, the 2009 collapse of Alabama’s Colonial.
Late last week, a federal judge ruled that PwC was "negligent" in its role as Colonial Bank’s auditor, stating that the company could have done more to prevent Colonial’s collapse.
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Judge Says PwC Was Negligent In Bank Failure https:. PwC violated auditing rules and didn’t take steps that could have detected a $2 billion fraud scheme that contributed to the 2009 failure of Alabama’s Colonial Bank, the judge ruled.
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Companies within the SEC’s purview are required to report their earnings and basic financial statement information to allow investors to make informed decisions about the company. Unfortunately, some companies manipulate this data through fraudulent accounting practices. Whistleblowers with knowledge of accounting fraud may be able to bring a claim under the SEC Whistleblower Reward Program.
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Judge Determines that PricewaterhouseCoopers was Negligent in Colonial Bank Auditing Case – Constantine Cannon The judge found that PwC was negligent in connection with the audit of Colonial bank. This opens up PwC to 100’s of millions of dollars in damages.