Printer Friendly
Email to a Friend
LINCOLN, Neb. (AP) - Two KPMG LLP auditors have been punished by a Security and Exchange Commission judge who cited their work on the TierOne Bank before it failed.
The SEC filed administrative charges last year against KPMG partner John Aesoph, of Omaha, and senior manager Darren Bennett, of Elkhorn. In her order Friday, administrative law judge Carol Fox Foelak said Aesoph and Bennett knew TierOne's loan-loss reserves deserved heightened scrutiny and should not have issued a clean audit opinion because of "red flags (that) indicated that management was inept and had an incentive to understate losses."
Regulators closed TierOne in 2010 and sold its assets.
Aesoph was suspended from working on publicly traded companies for a year and Bennett for six months. Their attorneys say the men are considering appeals.
© Associated Press
MOST VIEWED STORIES
Walnut Township recall coming; Friday mtg erupts in arrest
Sabetha woman arrested in business burglary
Effingham teen facing child sex crimes charges
Severe storms move through NE KS
Two search warrants, two Horton homes, two arrests
Document forgery alleged in ATCO's Walnut Township
Two Brown Co officers honored for their bravery
Whiting woman pleads to theft of fire dept. funds
Severe storms reported Tuesday in NE KS
Flags across KS to fly half-staff Sunday
Atchison man nabbed for neighbor's 4 wheeler theft
Two men arrested in Jackson Co for distribute of meth
Winning lottery ticket sold in Falls City about to expire
Meriden man bound over on rape charge
Tornado damage surveyed in NE KS
Richardson County Deputies busy during special enforcement
Beef Barn replacement planned in Jefferson Co
LATEST STORIES
Two search warrants, two Horton homes, two arrests
Brown Co Sheriff's Office releases April stats
Flags across KS to fly half-staff Sunday
Commission takes action related to bridge project
Whiting woman pleads to theft of fire dept. funds
Two men arrested in Jackson Co for distribute of meth
Winning lottery ticket sold in Falls City about to expire
Hiawatha, Ks 66434