Prager Metis, an accounting firm near the top 50 U.S. firms by revenue, was charged with misconduct over its audits of the cryptocurrency exchange, FTX. Prager Metis failed to properly understand the crypto market and inadequately audited FTX’s finances, which led to an $8 billion shortfall when FTX collapsed in November 2022. Although Prager Metis claims they were a victim of FTX’s fraudulent management, the firm will pay a $745,000 civil penalty to settle charges and $1.2 million for violations related to separate SEC charges. https://www.ft.com/content/ad04330b-4252-45d3-a7f9-b60a9d930081
Accounting Firm Charged with Misconduct over Cryptocurrency
