SEC SUBPOENAS DELOITTE OVER ALLEGED LONGTOP FINANCIAL FRAUD
The SEC filed a subpoena of enforcement action against Deloitte Touche Tohmatsu (DTT) CPA's Shanghai office today.
You can check out the press release here.
DTT was the auditor of China's infamous alleged fraud Longtop Financial Technologies (LFT)-- a software firm that sells its product to firms in the banking and insurance sectors in China.
DTT resigned in May over potential false reporting by Longtop over their sales numbers and cash loans. You would think that the guys who smelled a rat would be willing to corporate with authorities. Not so.
Linette Lopez|September 08, 2011
Read more: http://articles.businessinsider.com/2011-09-08/wall_street/30128959_1_sec-subpoena-deloitte#ixzz1d26LWQDs
