Footnotes: The SEC’s Next Frontier; Madoff Accountant to Plead Guilty; Saving a Few Million | 06.16.14

Focus Financial is backing the new family office started by ex-Rothstein Kass long-timers after the KPMG acquisition [Financial Planning]

SunTrust to pay nearly $1 billion for mortgage origination practices Actually, they set aside $1 billion for the settlement. The actual number was $968 million. [Reuters]

The president of Argentina just called the United States extortionists Under the U.S. court orders, Argentina must hand over $907 million to the plaintiffs, or lose the ability to use the U.S. financial system to pay an equal amount due June 30 to holders of other Argentine bonds. Fernandez said the total owed to the plaintiffs is $1.5 billion including interest, and paying it all immediately in cash the way the courts ordered could trigger another $15 billion in other cash payments to the remaining holders of defaulted debt. That "is not only absurd but impossible," since it represents more than half the Central Bank's remaining foreign reserves, she said. [AP]

Ex-Madoff accountant expected to plead guilty Paul Konigsberg, a former senior tax partner at Konigsberg Wolf & Co, will likely enter a guilty plea next week under a cooperation agreement with the government, Assistant U.S. Attorney Matthew Schwartz said. "We are finalizing the terms of a plea," Schwartz told U.S. District Judge Laura Taylor Swain in Manhattan. [Reuters]

It is unlikely this will be an issue for you but beware storing your clients' nudies in the cloud [ATL]

D.C. Lunges Into “Yoga Tax” Battle [The Fiscal Times]

SEC Official: Financial Reporting, Audit Fraud Are ‘Next Frontier’ The “next frontier” for enforcement actions by U.S. securities regulators will be financial reporting and audit fraud, a top U.S. watchdog said on Tuesday. “I think you’ll see a lot of activity there,” Andrew Ceresney, head of enforcement at the Securities and Exchange Commission, said in comments to the Wall Street Journal CFO Network in Washington, D.C. [CFO Journal]

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