New York Attorney General Andrew Cuomo is named in the Iviewit SEC Complaint. Click Here for Eliot Bernstein, iViewit Technologies SEC Complaint Naming New York Attorney General Andrew Cuomo
New York Attorney General Andrew Cuomo is named in a 13 Trillion Dollar Federal RICO Lawsuit.
Eliot Bernstein, One of the Iviewit Technologies Inventor Iviewit Technologies Founder recently filed a Criminal Complaint against New York Attorney General Andrew Cuomo. - Click Here for Information on this Andrew Cuomo Criminal Complaint.
And now New York Attorney General Andrew Cuomo Sued Ernst & Young LLP, accusing the firm of facilitating a “major accounting fraud” by helping Lehman Brothers Holdings Inc. deceive the public about its financial condition.
When New York Attorney General Andrew Cuomo has blatantly ignored massive crimes and cover ups in New York and is part of a Massive Corruption Exposing in the iViewit Technologies case and in the New York Whistleblower Christine Anderson Case. Click Here for More on Christine Anderson Whistleblower.
Article ..
"Ernst & Young, Deutsche Bank, Lehman in Court News "
"New York Attorney General Andrew Cuomo sued Ernst & Young LLP, accusing the firm of facilitating a “major accounting fraud” by helping Lehman Brothers Holdings Inc. deceive the public about its financial condition.
For more than seven years before Lehman declared bankruptcy in 2008, the investment bank engaged in transactions approved by Ernst & Young whose purpose was to move debt off its balance sheet and make it appear less leveraged, Cuomo said in a statement. This was done through what are known as “Repo 105” transactions.
“This practice was a house-of-cards business model designed to hide billions in liabilities in the years before Lehman collapsed,” Cuomo said yesterday in one of his last cases as attorney general. “Just as troubling, a global accounting firm, tasked with auditing Lehman’s financial statements, helped hide this crucial information from the investing public.”
The state seeks to recover fees collected by Ernst & Young for work performed for Lehman between 2001 and 2008, which exceed $150 million, and investor damages and equitable relief, Cuomo said. He will be sworn in as New York governor on Jan. 1. His successor will be New York Democratic state Senator Eric T. Schneiderman.
Ernst & Young intends to “vigorously defend against” Cuomo’s allegations, the firm said in a statement yesterday. The accounting for Repo 105 trades conformed with U.S. rules, giving Cuomo “no factual or legal basis for a claim,” it said.
Lehman, once the fourth-largest investment bank, failed in September 2008 because of risky real estate bets and too much debt, which it tried to hide from investors, partly by using Repo 105 trades, according to bankruptcy examiner Anton Valukas’s report.
Valukas, in his report, said Ernst & Young could be sued for “professional malpractice” for its role as auditor.
The case is People of the state of New York by Andrew Cuomo v. Ernst & Young, 451586/2010, New York state Supreme Court (Manhattan).
Lehman’s bankruptcy case is In re Lehman Brothers Holdings Inc., 08-13555, U.S. Bankruptcy Court, Southern District of New York (Manhattan)."
Source of this Post
"Ernst & Young, Deutsche Bank, Lehman in Court News "
"New York Attorney General Andrew Cuomo sued Ernst & Young LLP, accusing the firm of facilitating a “major accounting fraud” by helping Lehman Brothers Holdings Inc. deceive the public about its financial condition.
For more than seven years before Lehman declared bankruptcy in 2008, the investment bank engaged in transactions approved by Ernst & Young whose purpose was to move debt off its balance sheet and make it appear less leveraged, Cuomo said in a statement. This was done through what are known as “Repo 105” transactions.
“This practice was a house-of-cards business model designed to hide billions in liabilities in the years before Lehman collapsed,” Cuomo said yesterday in one of his last cases as attorney general. “Just as troubling, a global accounting firm, tasked with auditing Lehman’s financial statements, helped hide this crucial information from the investing public.”
The state seeks to recover fees collected by Ernst & Young for work performed for Lehman between 2001 and 2008, which exceed $150 million, and investor damages and equitable relief, Cuomo said. He will be sworn in as New York governor on Jan. 1. His successor will be New York Democratic state Senator Eric T. Schneiderman.
Ernst & Young intends to “vigorously defend against” Cuomo’s allegations, the firm said in a statement yesterday. The accounting for Repo 105 trades conformed with U.S. rules, giving Cuomo “no factual or legal basis for a claim,” it said.
Lehman, once the fourth-largest investment bank, failed in September 2008 because of risky real estate bets and too much debt, which it tried to hide from investors, partly by using Repo 105 trades, according to bankruptcy examiner Anton Valukas’s report.
Valukas, in his report, said Ernst & Young could be sued for “professional malpractice” for its role as auditor.
The case is People of the state of New York by Andrew Cuomo v. Ernst & Young, 451586/2010, New York state Supreme Court (Manhattan).
Lehman’s bankruptcy case is In re Lehman Brothers Holdings Inc., 08-13555, U.S. Bankruptcy Court, Southern District of New York (Manhattan)."
Source of this Post
http://www.bloomberg.com/news/2010-12-22/ernst-young-madoff-deutsche-bank-lehman-in-court-news.html
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Crystal L. Cox
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