With all the D talk out there re: anything Madoff, and most recently possible hotboxing and manscaping we’d hoped that maybe this whole story had taken a turn towards smut for good. Alas, we find ourselves back to a litigious story, this time it’s P. Dubs of the Canadian variety that are getting their asses sued:
More, after the jump
The Canadian arm of PwC has been named in seven separate lawsuits claiming as much as $2bn in damages for investors who lost almost everything in the largest fraud in history…PwC Canada has been accused of negligence for failing to spot that Fairfield Sentry’s $7.2bn of assets simply did not exist. The firm signed off accounts in 2007 that stated 97.3pc of Fairfield Sentry’s assets were held in short-term US treasury bills – an asset class that should be safer than cash.
PwC, obviously quite aware that a sex scandal wrapped inside a financial scandal may confuse anyone that is both distracted by sex and financially illiterate, issued this statement:
“PwC Canada provided auditing services to the Fairfield Sentry fund, but was not the auditor for Bernard Madoff Investments where the alleged fraud occurred. PwC Canada’s auditing of the fund’s financial statements fully complied with professional standards.”
Now, to some, this may seem unness for P. Dubs to explain that they didn’t audit Bernie’s funds since this never would have gotten past any reputable firm. However, since we now have a sex scandal mixed with the biggest financial scandal ever, involving thousands of duped investors, PwC decided to err on the side of caution.
Madoff victims to sue accountants PwC over feeder fund audits [Telegraph]
