The Daily Caveat is written by Michael Thomas, a recovering corporate investigator in the Washington, DC-area. [More]
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3/10/2006
KPMG Bermuda Sues Investigative Group
KPMG Bermuda Sues Investigative Group
U.S. Investigative firm, Diligence, LLC., is being accused of bribery by accounting firm, KPMG. Apparently the bribery charge relates to the investigation of IPOC International Growth Fund. KPMG had been conducting its own investigation into IPOC, a Bermuda-based mutual fund who's founder was recently outed by the Wall Street Journal as a known fraudster.
KPMG is alleging that Diligence offered bribes to KPMG employees in exchange for damaging information on IPOC. Their suit asks for $11 million in combined damages. Diligence denies any wrongdoing and characterizes the information exchange as a whistleblower who spoke out without any financial inducement.
Read more here, via the Royal Gazette. And by all means check out the indispensible KYCNews.com, which initially broke the story.
-- MDT
KPMG is alleging that Diligence offered bribes to KPMG employees in exchange for damaging information on IPOC. Their suit asks for $11 million in combined damages. Diligence denies any wrongdoing and characterizes the information exchange as a whistleblower who spoke out without any financial inducement.
Read more here, via the Royal Gazette. And by all means check out the indispensible KYCNews.com, which initially broke the story.
-- MDT
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