Promontory, PwC Said to Be Subpoenaed by N.Y. Regulator
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New York state’s financial regulator has expanded its investigation of conflicts of interest among bank consulting firms by subpoenaing two more of the advisers, a person familiar with the matter said.
Promontory Financial Group LLC and PricewaterhouseCoopers LLP, which advise clients on how to satisfy regulatory requirements, were sent subpoenas by the Department of Financial Services during the past several months, said the person, who asked not to be identified because the matter is confidential.