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pwc liable to only fdic in colonial fraud the global dispatch

pwc liable to only fdic in colonial fraud the global dispatch News Article With The full text news. The Resource Link is down the post and you can View this News Article in the source page.



pwc liable to only fdic in colonial fraud the global dispatch

share thistagsbad creditbank loansbanksbusinessbusiness newschicagocolonial bankcredit ratingfdicillinoisinsuranceinvestmentland fraudloanloanstax liabilityaccounting giant pwc is liable to the federal deposit insurance corp. (fdic), according to a recent ruling by a federal judge in washington. the judge found that pwc is liable for failing to catch fraud related to the closure of colonial bank.the decision, spanning 92 pages, was handed down by u.s. district judge barbara rothstein.photo kauhajoki.vaakuna.svgthe ruling raises questions on how the fdic can collect money from pwc, who is accused of being complicit in the fraud. rothstein claims that the bank and its holding company cannot recover money from fraud because employees knew or perpetrated the crime.the fdic is the receiver for the failed bank.pwc was found to be negligent in their audits of colonial, which failed in 2009. the fdic blames pwc for failing to account for certain transactions properly. pwc allowed colonial to account for certain transactions as mortgages rather than loans secured by mortgages from taylor, bean & whitaker mortgage corp.pwc reached an undisclosed settlement with taylor bean’s trustee.“pwc breached the professional duties it owed cbg as cbg’s independent, external auditor. however, cbg’s professional negligence claim is barred by: (a) the in pari delicto doctrine, (b) the hinkle rule, and (3) the audit interference rule. therefore, cbg’s professional negligence claim against pw...