Reported 21 days ago
Prager Metis, the former auditor of FTX, has agreed to pay $1.95 million to resolve allegations of negligence in its audits of the failing cryptocurrency exchange. The settlement includes a $1.75 million civil fine and is tied to the firm's failure to comply with accepted auditing standards prior to FTX's collapse, which resulted in substantial losses for customers. The SEC highlighted that Prager Metis did not adequately understand FTX or its relationship with Alameda Research, the hedge fund of its founder Sam Bankman-Fried, who is currently appealing his conviction for fraud.
Source: YAHOO