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New York CPAS Face SEC Hearing

Monday, 11 April 2011
News

Two New York City CPAs face hearing over SEC charges their lack of knowledge of accounting for derivatives played a major role in a client's substantially overstating assets and losses for two fiscal years. The SEC said the two, who were auditors for Kentucky Energy, turned over preparation of the clients' 2004 and 2005 financial statements to a consultant who was not a CPA and whose father was a VP and director of Kentucky Energy.

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