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
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
Resolutions
Cease and Desist Order
Censured
Other Compliance Related Undertaking
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Fair Funds
Monetary Penalties:
Disgorgement
Individual:
$9,000,000.00
Shared:
Civil Penalty
Individual:
$1,000,000.00
Shared:
Pre-Judgment Interest
Individual:
$1,840,107.00
Shared:
Other Defendants in Action:
