February 28, 2021

PwC Forensic Experts to Determine How Much Money PFGBest Customers Won’t Be Getting Back

The bright side in all this is…oh, let's face it: when your broker's auditor is in jorts, the situation is hopeless:

Peregrine Financial Group's bankruptcy trustee has hired a team of forensic accountants to help figure out what remains at the failed futures brokerage after its CEO's arrest and confession to years of stealing from customers. PricewaterhouseCoopers was hired over the weekend and started work on Monday, Ira Bodenstein, the trustee, told Reuters on Wednesday. Their task is to secure data and gather information, he said. […] The hiring of PricewaterhouseCoopers suggests the trustee is seeking independent confirmation of how much money is actually at the firm and in customers' accounts, a first step before any money can be released. 

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles

Talent-Strapped PwC Is That Desperate Ex Texting You With ‘WYD’ After You’ve Moved On

Leaving public accounting is rarely an easy decision, even when the choices are “stay or have a crippling nervous breakdown.” It’s not that the decision itself is hard, rather the consequences of taking an oftentimes necessary leap can lead to difficulties in securing subsequent employment if, as your accounting professors would have you believe, walking […]

Big 4 Lawsuits: Mauro Botta vs. PwC and VBS Mutual Bank Liquidators vs. KPMG

PwC ‘Punished’ Thorough Auditing, Whistleblower Testifies [Law360] A couple Augusts ago, Adrienne wrote about an academic study that revealed the market for audit services penalizes audit firms for disclosing information critical of management in their audit opinions and that audit firms that find internal control material weaknesses experience lower client and fee growth. In other […]