LAWSUITS NEWS & LEGAL INFORMATION
Bankruptcy Fraud
Washington, DC: (Apr-21-08) The US Securities and Exchange Commission brought charges against Greek accounting firm Savvides & Partners/PKF Cyprus, alleging that it engaged in fraud in connection with its 1999 and 2000 audits of bankrupt software developer AremisSoft. Sources stated that the complaint, filed in March 2006, stated that PKF Cyprus issued audit reports for AremisSoft subsidiaries in 1999 and 2000 signed by former firm partner Pavlos Meletiou. Further it stated that Meletiou's 2000 audit work papers were found in a trash heap outside AmerisSoft's offices in India. The SEC claimed that Meletiou attended meetings with senior AremisSoft executives in which the financial fraud was openly discussed.
As part of a settlement reached, the firm agreed to resolve the allegations with a $261,565 payout to the SEC. Court papers reveal that the firm agreed to settle the charges without admitting or denying the allegations in the SEC's complaint. The settlement bars the firm's employees from appearing or practicing before the SEC as accountants. The firm will be able to apply for reinstatement in five years. [WEB CPA: CYPRUS ACCOUNTING FIRM AGREES TO SEC SETTLEMENT]
Published on Apr-23-08
As part of a settlement reached, the firm agreed to resolve the allegations with a $261,565 payout to the SEC. Court papers reveal that the firm agreed to settle the charges without admitting or denying the allegations in the SEC's complaint. The settlement bars the firm's employees from appearing or practicing before the SEC as accountants. The firm will be able to apply for reinstatement in five years. [
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