Tether’s former auditor friedmanllp is a 'serial' violator of federal securities laws, according to the SECGov. cheyenneligon reports
The U.S. Securities and Exchange Commission filed and settled charges last week against Friedman LLP, the former auditing firm of stablecoin issuer Tether, finding “serial violations of the federal securities laws” and numerous instances of “improper professional conduct,” according to an order published Monday.
In the SEC’s investigation of Friedman LLP’s audits of two publicly traded companies, Chinese grocery chain iFresh and another, unnamed company, the auditor was found to have lied about conducting its audits in accordance with the standards of the Public Company Accounting Oversight Boards . The SEC’s order, issued last Friday, details sloppy accounting practices that were common at Friedman LLP from 2015 to 2020, including its failure to “respond to fraud risks” and “exercise due professional care and professional skepticism,” among other things, the order said.
Though the SEC’s order against Friedman LLP makes no mention of Tether, the stablecoin issuer retained the New York-based accounting firm from May 2017 to January 2018,At the time, a representative for Tether told CoinDesk that the firm was fired for not providing an audit quickly enough. The question of Tether’s reserves is one of the crypto industry’s most persistent mysteries, spurred on by the stablecoin issuer’s own secrecy. Though Tether has taken recent steps towards
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