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View Full Document Right Arrow Icon What are relevant facts? From 1991 to 2008 Bernie Madoff, of Bernard Madoff Investment Securities LLC (BMIS) stole billions of dollars from investors by paying investors returns with new client’s funds. This type of securities fraud is known as a Ponzi scheme. The SEC claims that the fraud committed by BMIF was enabled by their auditors Friehling & Horowitz CPAs (F&H). F&H’s audits lead investors to believe BMIS was financially healthy and David Friehling is principle and sole shareholder of F&H. F&H is a public accounting firm located in NYC and is registered with the AICPA. F&H claim BMIS financial were prepared in accordance with the Generally Accepted Auditing Standards (GAAS) as well as the Generally Acceptable Accounting Standards (GAAP). o Failing to maintain independence, they have investment accounts with BMIF. o
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