Connecticut Slams Andersen
Connecticut real estate will be a real downer for Arthur Andersen, the nation's largest accounting firm, during the next two years. On May 4, Andersen agreed to pay $2.5 million to investors in bankrupt Colonial Realty for alleged improper ties to that company, including accepting gifts from Colonial management. As part of the settlement, it can't do real estate business in Connecticut for two years. It also must pay $1 million for the cost of the investigation.
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