Defendant Name:
Grant Thornton, LLP
Defendant Type:
Other
Document Reference:
34-76536
Document Details
Legal Case Name
In the Matter of Grant Thornton, LLP
Document Name
Order Instituting Public Administrative and Cease-and-Desist Proceedings Pursuant to Sections 4C and 21C of the Securities Exchange Act of 1934, and Rule 102(e) of the Commission's Rules of Practice, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
Document Date
02-Dec-2015
Document Format
Administrative Proceeding
AAER
3718
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On December 2, 2015, the SEC instituted settled cease-and-desist proceedings against Grant Thornton, LLP. The SEC stated: "This matter involves improper professional conduct by Grant Thornton while serving as the auditor of two clients of Grant Thornton's Wisconsin practice: Assisted Living Concepts, Inc. ("ALC"), a publicly traded senior living company, and Broadwind Energy, Inc. ("Broadwind"), a publicly traded alternative energy company. During the course of its engagements, Grant Thornton repeatedly violated professional standards while ignoring repeated red flags and fraud risks that allowed ALC and Broadwind to file numerous reports with the commission that were materially false and misleading."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Compliance Related Independent Consultant
Other Compliance Related Undertaking
review and evaluation of quality controls sufficiency + report, implementation of independent consultant's recommendations, certification of compliance, additional training, annual certifications
Monetary Penalties:
Disgorgement
Individual:
$1,305,396.00
Shared:
Civil Penalty
Individual:
$3,000,000.00
Shared:
Pre-Judgment Interest
Individual:
$231,174.19
Shared:
