Is National CPA firm Armanino, LLP the New Arthur Andersen?
Guest Post by Bob Bishop
During the 2008 Great Financial Crisis, the poster child for fraud was Bernie Madoff, who caused an estimated $65 billion in losses over four decades. A key factor in carrying out the Ponzi scam was CPA David Friehling. He rubber-stamped audits that signed off that the financial information Madoff and his company were providing was correct. In 2009, Friehling plead guilty to securities and investment adviser fraud.
Armanino’s Novel Accounting Services
Armanino, LLP is the twenty-first largest CPA firm, according to AccountingToday. The firm was named in the FTX bankruptcy filing as the auditor of the FTX.US for its December 31, 2021 financials. Apparently, the undisclosed audited financial statements had a clean bill of financial health. However, the 2021 tax return had a $3.7 billion loss; in other words, FTX was bankrupt and could only survive if it attracted new Ponzi investors.
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