Government,
Corporate
Sep. 7, 2017
SEC settlements can bring unintended consequences for CPAs
A settlement with the Securities and Exchange Commission can, and often does, prompt aggressive disciplinary action by the California Board of Accountancy.
Mark Mermelstein
Partner
Orrick, Herrington & Sutcliffe LLP
Email: mmermelstein@orrick.com
Mark practices in Orrick’s Los Angeles office, specializing in white collar and complex litigation practice.
The Securities and Exchange Commission regularly brings enforcement actions against accounting firms and certified public accountants. In fiscal year 2015, the SEC brought actions under its Rule 102(e) — which allows the SEC to bar accountants from practicing before the Commission — against 76 accountants and accounting firms. The majority of these enforcement actions end in settlements, in which the respondent neither admits nor denies the SEC’s allegations, and agre...
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