Posted 10/2/2023, 8:36:00 AM
SEC Sues FTX's Former Auditor Prager Metis for Violating Auditor Independence Rules
- FTX's former auditor Prager Metis sued by SEC for violating auditor independence rules
- SEC alleges Prager Metis helped clients break securities laws, seeks injunction and fines
- Prager Metis audited FTX's international arm, reported $1B revenue in 2021
- SEC complaint centers on agreements with indemnification provisions releasing Prager from liability
- SEC Auditor independence critical to financial reporting integrity and public trust