PFK O’Connor Davies and Consolo Fraudulent Audit Reports

The Mamaroneck-based accounting firm of PFK O’Connor Davies and partner Dominick Consolo, in a settlement with the SEC, have agreed to “pay more than a half-million dollars in penalties for issuing fraudulent audit reports in connection with municipal bonds sought by the town of Ramapo for the construction of its baseball stadium.” PFK O’Connor Davies has agreed to forfeit $380,000 in audit fees and interest, and pay $100,000 penalty, according to the SEC. In a statement, the accounting firm said, “We stand by the integrity of our work with the town of Ramapo,” they added, “We feel strongly that a continued back and forth with regulators would only expend valuable firm resources and divert focus from our ongoing business and growth goals.” The SEC said in a statement that Consolo paid a $75,000 penalty and agreed to be suspended from certain public areas of practice. The fraud is connected to a Ramapo receivable in its general fund of  $3.08 million for a property sale they knew had not happened. It has also led to the indictment of town Supervisor Christopher St. Lawrence and former Deputy Town Attorney Aaron Troodler. Their federal trial is scheduled for late January. (Source: The Journal News)


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