SEC charges auditors for fraudulent penny-stock company audits

0
19

The Securities and Exchange Commission charged California-based audit firm Anton & Chia LLP with conducting flawed audits and reviews of financial statements for microcap companies Accelera Innovations Inc., Premier Holding Corp., and CannaVEST Corp. Accelera’s public filings, for example, allegedly included revenue, assets, and liabilities from an entirely different company and Anton & Chia allegedly facilitated the fraud. Anton & Chia’s co-owners Gregory A. Wahl and Georgia Chung as well as former partner Michael Deutchman and former audit manager Tommy Shek are being charged along with the firm for their roles in the audits and/or interim reviews. Accelera Innovations Inc. , Premier Holding Corp. , and CannaVEST Corp. have been charged with fraud by the SEC. Anton & Chia partner Richard J. Koch and former partner Rahuldev Gandhi have already settled SEC charges for their roles in the audits and interim reviews by agreeing to pay $15,000 penalties and been suspended from appearing and practicing before the SEC as an accountant for five and three years, respectively.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Read Full Story

Latest posts by Market Watch (see all)

Source

LEAVE A REPLY