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(UPDATE) Madoff Investors Sue KPMG, JP Morgan, Bank of New York Mellon

By our last count KPMG had been named in ten lawsuits related to Madoff feeder funds. What’s one more?

KPMG, JP Morgan, Bank of New York Mellon, Oppenheimer Acquisition Corp. and Mass Mutual Life Insurance, along with the Tremont founders were all named in an amended lawsuit that was filed yesterday.

Cotchettt, Pitre, & McCarthy, the attorneys for the Plaintiffs, are not mincing words on KPMG’s part in the whole mess. From the firm’s website:

The sheer size and scope of the fraud make it impossible for Madoff to have acted alone. The complaint alleges JP Morgan and the Bank of New York as well as powerhouse accounting firm KPMG LLP and their international counterparts, KPMG UK and KPMG International were primary players responsible for the fraud.

The amended complaint further alleges that the phantom trades “should have been discovered by KPMG UK, the auditor for Madoff’s London based operation, Madoff Securities International Ltd. Instead, KMPG UK never raised any red flags that investors’ money was used by Madoff as his personal piggy bank.”

KPMG declined to comment for the Reuters article but we’ll assume that they don’t take kindly to the complaint.
Madoff investors sue KPMG and major banks [Reuters]

MADOFF_WEXLER_FIRST_AMENDED_COMPLAINT.pdf

UPDATE: The UK Firm issued the following, per Accountancy Age:

KPMG considers the allegations in the complaint to be wholly without merit and will defend them vigorously. The complaint cites KPMG in its capacity as statutory auditor of Madoff Securities International Limited (MSIL), a London based company directly owned by the Madoff family. KPMG acted in this capacity for several years and issued unqualified audit opinions on MSIL’s financial statements. We are not aware of any suggestion that the financial statements of MSIL contain errors.

KPMG Knows You’re Feeling Like a Fatty

Yes. You. Spending day after day at that desk, consuming a steady diet of red meat, bagels loaded with cream cheese that is going straight to your [insert problem area] and, of course, caffeine. Sweet, sweet caffeine.

It all adds up to a bunch of tubby Klynveldians, and tubby = not happy. This is not lost on the leadership at KPMG. They want you to know that they want to help you lose that paunch ASAP and they are prepared to offer you a human being to assist you.

According to the Centers for Disease Control and Prevention, more than one-third of American adults are overweight, and many people are actively seeking a solution for weight loss. Losing weight isn’t just about looking better in the mirror—being overweight can contribute to a range of health issues, including heart disease, diabetes, hypertension, and even certain types of cancers.

Lots of us have tried to lose weight, but find ourselves giving up because it can be tough to do. But what if you had your own weight-loss coach, someone who could provide personalized guidance about nutrition and exercise, and provide strategies geared toward your specific situation? What if you could call that coach as many times as you wanted over a six-month period, when you had a question or needed some encouragement?

You can have just that, at no cost to you, thanks to KPMG and LifeWorks through the iCanChange program. iCanChange gives you access to a dedicated, experienced and credentialed health coach who will help you identify goals, strengths, challenges, and strategies for managing your weight.

You will be able to receive four scheduled calls from your coach, and you can call him/her as many times as you would like over a six-month period. Your coach will help you track your progress and set realistic goals to lead you along the road toward losing weight.

So, just who exactly is KPMG recruiting to help these numbers nerds get back in fighting shape? Richard Simmons? Chuck Liddel? Phil Mickelson?

Assuming this doesn’t have to wait until after busy season you best get crackin’ in case Radio City announces its own Canadian Tuxedo reprieve. Fat guy in a little denim coat is not a good look.