As an analyst with over two decades of experience in the financial industry, I’ve witnessed numerous regulatory actions against entities that have failed to meet their obligations. In light of the recent settlement between the US SEC and FTX Derivatives Exchange’s auditor Prager Metis, it seems that the regulator is leaving no stone unturned in its investigation into the FTX collapse.
The U.S. Securities and Exchange Commission (SEC) has reached an agreement with the auditor of FTX Derivatives Exchange, Prager Metis. Previously serving as FTX’s internal auditor before its bankruptcy, Prager Metis is under investigation for failing to properly audit FTX’s financial records, which may have allowed potential inconsistencies to go unnoticed by the regulatory body.
US SEC Bags Fresh Closure In FTX Case
In response to criticism from numerous crypto industry experts who attributed the downfall of FTX to inadequate supervision by the US Securities and Exchange Commission (SEC), the agency has since initiated investigations into anyone or any organization potentially connected with the company’s collapse.
As a result of a recent agreement, Prager Metis will pay approximately $1.95 million to settle two lawsuits claiming audit misconduct related to a collapsed crypto trading platform and auditor independence issues. This settlement follows the imposition of a $750,000 fine on Flyfish Club NFT for breaching securities regulations.
This is a breaking story, please check back for updates!!!
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2024-09-17 20:48