I believe you all have heard of Bernard Madoff's auditor, David Friehling, age 49, is found guilty to many fraud charges on 5th of November 2009 and David has been auditing Madoff's account for 17 years (1992 to 2009).
The total amount of fraud is US$ 65 billions, the biggest investment fraud in Wall Street history!!
David Friehling told the US judge that he had no idea about the swindler's multibillion-dollar Ponzi scheme because he did not (never) contacted investors and never acted as a feeder to investors. Besides that, he as an auditor did not conduct any independent auditiing or verification of financial statements or tax returns provided by clients (ie. Madoff).
At any time we as the auditor should not fully trust upon the client, always practise scrutinity and have a questioning mind at all times!
Thus David is guilty in securites fraud, investment adviser fraud, making false statements to the US securities and Exchange Commission and breaking tax laws.
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Biggest Investment Fraud in Wall Street History (2009)
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