Madoff’s Auditor Charged With Securities Fraud

Lawrence R. Beebe, CPA, Principal

David G. Friehling and his firm,Friehling& Horowitz, CPAs, P.C., have been charged with securities fraud by the Securities and Exchange Commission in connection with audits of the financial statements of Bernard L. Madoff Investment Securities LLC.  The SEC charges that from 1991 through 2008, Friehling& Horowitz issued audit reports on the financial statements of Madoff’s company, indicating that the statements were fairly presented in accordance with generally accepted accounting principles, when in reality no legitimate audits had been performed.  The SEC further contends that Friehling was aware that the audited financial statements would be filed with the SEC and distributed to investors represented by Madoff.

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