The US Securities and Exchange Commission charged Crowe UK LLP, its CEO, and a senior auditor for the firm’s deficient audits of a now-defunct streaming music company that allegedly made fake claims about customers and revenues when it went public via blank-check merger in 2019.
Crowe UK overlooked red flags and accepted fabricated agreements and confirmation letters as proof of nonexistent revenues when it issued a clean audit of Athens, Greece-based Akazoo Limited’s 2018 financial statement, the SEC said Monday. Without admitting or denying the findings, Crowe UK agreed to pay $750,000 to settle the charges; CEO Nigel Bostock,
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