Friday, August 7, 2009

Why Friehling?-2

"The former auditor for convicted Ponzi-scheme operator Bernard Madoff appears poised to waive his right to indictment, making it easier for the government to proceed with the case. ... If Mr. Friehling does waive his right to be indicted, it makes the process easier on the government because it won't have to empanel a grand jury. But legal observers said it doesn't necessarily mean Mr. Friehling is close to reaching a plea agreement with prosecutors. Mr. Friehling's lawyer declined to comment. ... The government also has alleged that Mr,. Friehlibng failed to conduct independent audits of Mr. Madoff's firm that complied with generally accepted auditing standards and conformed with generally accpeted accounting principles, and falsely certified he had done so", Chad Bray (CB) and Amit Efrati at the WSJ, 16 July 2009, link:

"The former auditor for convicted Ponzi-scheme operator Bernard Madoff waived indictment and pleaded not guilty to criminal charges Friday. ... He is the only person, aside from Mr. Madoff himself, who has been criminally charged in connection with the multibillion-dollar Ponzi scheme. ... Prosecutors from the US attorney's office in Manhattan have alleged that Mr. Friehling failed to conduct meaningful, independent audits of Mr. Madoff's firm, Bernard L. Madoff Investment Securities LLC, and falsely certified that he had done so", CB at the WSJ, 18 July 2009, link:

Did Friehling do anything worse than say KPMG at Citigroup, or PWC at AIG, or, you get the picture. I think D&T which "audited" General Motors should chip in with the rest of the Big 87654 and underwrite Freihling's defense. Suppose he goes to prison, will that portend ill for some Big 87654 partners?

Lev Dassin (LD), is this the best you can come up with? The SDNY US attorney's office continues to be a farce. Freihling is a nobody. I hope he goes to trial and is acquitted, no matter what he did or didn't do. Friehling's acquittal might force LD & Co. to hunt bigger game.


Anonymous said...

Yup... plenty of accounting and securities fraud to find... just look... it's lying around the southern tip of Manhattan.

Jr Deputy Accountant said...

hahahahahaha IA have you been smoking the green shoots?

You know as well as I do what Friehling is. The same thing Madoff is.

I hope they get real "tough" on him just so we get a show.

then it's back to same old same old. See also: Ken Lewis