The accounting firm, based in Leawood, Kan., audited the financial statements of Tradebot Systems, a broker-dealer, from 2004 through 2008. From 2008 through at least 13, Tradebot used computerized trading to invest in CBIZ stock. The SEC held this impaired MHM's independence in its audits of Tradebot's 2008 through 2012 financial statements.

The SEC determined before 2012 Tradebot was unaware of the rules affecting MHM and CBIZ, but also found before the 2012 audit period the accounting firm did not ask if Tradebot traded in CBIZ stock. The accounting firm brought the issue to the SEC's attention after debating whether the trading caused problems, but not before it signed another engagement letter with Tradebot. MHM officials also had an erroneous interpretation of what was permitted.

Until 2013, MHM was also found not to have any quality control or audit procedures to ensure clients did not trade in CBIZ stock. The accounting firm also failed to advise to any audit clients on this subject or review or review securities its broker-dealer clients were trading in.

The penalties MHM must pay the SEC disgorgement of $65,245, pre-judgment interest of  $9,755, and civil penalties of $675,000.