Prager Metis Settles SEC Charges for $1.95M Over Two Negligent FTX Audits

Sep 17, 2024, 06:31 PM

Audit firm Prager Metis has agreed to pay $1.95 million to settle charges from the U.S. Securities and Exchange Commission (SEC) for negligence in auditing the cryptocurrency exchange FTX and for violating auditor independence requirements. The charges include allegations of falsely misrepresenting FTX's financial position. The settlement covers two SEC cases, including one related to the actions of FTX's former leader, Sam Bankman-Fried. As part of the settlement, Prager Metis must undertake remedial actions and will face restrictions on new audit clients.