SEC alleges California audit firm conducted flawed audits

By Mark Iandolo | Dec 11, 2017

WASHINGTON (Legal Newsline) — The Securities and Exchange Commission (SEC) announced Dec. 4 that Anton & Chia LLP, an audit firm based in California, will be charged with conducting flawed audits and reviews of financial statements.

“Auditors are crucial gatekeepers whose careful oversight of financial statements helps ensure that public companies provide accurate information to investors,” said Stephanie Avakian, co-director of the SEC’s Enforcement Division.

According to allegations, Anton & Chia and its accountants failed to financial reporting by three clients— microcap companies Accelera Innovations Inc., Premier Holding Corp. and CannaVEST Corp.—as fraudulent.

“As alleged in the order, Anton & Chia and its accountants left investors with false assurances that financial information for three microcap companies had been properly audited or reviewed,” said Steven Peikin, co-director of the SEC’s Enforcement Division. “They had the opportunity to stop multiple frauds in their tracks but failed to do so.”

Handling the case for the SEC are Ariella O. Guardi, Christopher H. White, Pesach Glaser, Leslie Kazon, Bennett Ellenbogen, James Addison, Jennifer T. Calabrese, Christopher Conte, Alyssa A. Qualls, Steven C. Seeger, David J. VanHavermaat, and John E. Birkenheier.

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