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Settlement Reached with National Audit Firm and Two Partners on Charges of Ignoring Red Flags

In the Matters of Grant Thornton, LLP, Melissa K. Koeppel, and Jeffrey J. Robinson, Respondents

  • 2015
  • $4.5 Million

Respondents charged with ignoring fraud risks in the audits of senior housing provider Assisted Living Concepts and alternative energy company Broadwind Energy. Respectively, the companies were found: to have made false disclosures and manipulated internal books and records by listing fake occupants at some senior residences, in order to meet lease covenant requirements; and to have delayed reporting a substantial impairment of intangible assets associated with an anticipated reduction of business from two significant customers. Respondents allegedly had ample reason to, and did recognize that management representations were suspect, yet failed to apply proper scrutiny and professional standards. Respondent Robinson was only involved with one of the audits and the agreement with him was for a lesser penalty.

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