PwC Fined $2.17 Million in U.K. Over JPMorgan Client-Money Audit
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PricewaterhouseCoopers LLP was fined a record 1.4 million pounds ($2.17 million) for failures concerning reports on client-money accounts at JPMorgan Chase & Co.’s London securities unit.
PwC’s “acts of misconduct merit a severe reprimand,” the Accountancy & Actuarial Discipline Board said in a judgment released today. PwC failed to notice that J.P. Morgan Securities Ltd. hadn’t properly segregated an average of $8.6 billion of client funds from the firm’s accounts in reports to the U.K.’s Financial Services Authority for the seven years through 2008.