Defendant Name: Ernst & Young LLP

Defendant Type: Other

Document Reference: 34-79109

Document Details

Legal Case Name In the Matter of Ernst & Young LLP, Craig R. Fronckiewicz, CPA, and Sarah E. Adams, CPA
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 ("Order")
Document Date 18-Oct-2016
Document Format Administrative Proceeding
File Number 3-17628
AAER 3814
Allegation Type Issuer Reporting and Disclosure
Document Summary On October 18, 2016, the SEC issued a settled administrative proceeding against Ernst & Young LLP. According to the SEC: "This matter involves violations of the federal securities laws and improper professional conduct by Ernst & Young, Fronckiewicz, and Adams while serving as the external auditor, coordinating (i.e., signing) partner, and tax partner, respectively, for Weatherford International plc f/k/a Weatherford International Ltd. ('Weatherford'). In connection with its 2007-2010 financial statements, Weatherford, a large multinational provider of oil and natural gas equipment and services, issued false financial statements that inflated its earnings in violation of U.S. Generally Accepted Accounting Principles ('GAAP'). Weatherford improperly inflated its earnings and materially understated its effective"

Disgorgement & Penalty Information

Cease and Desist Order
Other Compliance Related Undertaking
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Fair Funds
Monetary Penalties:


Individual:     $9,000,000.00 Shared:    

Civil Penalty

Individual:     $1,000,000.00 Shared:    

Pre-Judgment Interest

Individual:     $1,840,107.00 Shared:    

Related Documents:

2016-219 18-Oct-2016 Press Release--Administrative Proceeding
Ernst & Young to Pay $11.8 Million for Audit Failures
34-82185_3-17628 30-Nov-2017 Administrative Proceeding
Order Consolidating Fair Funds

Other Defendants in Action:

Related Actions:

In the Matter of Weatherford International plc, F/K/A Weatherford International Ltd., James Hudgins, CPA, and and Darryl Kitay, CPA