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Accounting giant BDO America admitted on Wednesday that it missed red flags and issued false audit opinions about one of its client companies, and agreed to pay more than $2 million to settle the charges, U.S. regulators said.
The Securities and Exchange Commission also charged five of the firm’s partners for their role in issuing deficient audits of their client, the employment agency General Employment Enterprises Inc.
In addition, the SEC charged two former chief executives of General Employment Enterprises, as well as its former chairman and majority shareholder, Stephen B. Pence, who is a former U.S. attorney and former lieutenant governor of Kentucky.
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