The SEC spends more time in suspending CPAs from practicing before it than om restoring them.  But this week, it approved the applications by two suspended CPAs, Michael S. Joseph, who had been an Ernst & Young partner, and Victor R. Wahba, a partner at Weiser, for reinstatement to practice before the federal agency.

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The fall out from a failed investment firm continues to haunt McGladrey which inherited the mess involving the former Sentinel Management Group when it acquired the former Altschuler, Melvoin and Glasser in November 2006. This week, the SEC censured AMG and barred engagement partner George Victor (Vic) Johnson, who is now a partner with McGladrey, from SEC practice for his role in signing off on audits for Sentinel, which used millions of dollars in client investment funds as collateral for loans. Read more...

The SEC has received a court order freezing the assets of Paul R. Beckwith, a 37-year old Layton, Utah, CPA, after accusing him of transferring millions of dollars from Theradoc, a company that employed him as assistant controller, to an account controlled by his CPA firm. He is also accused of investing the money in his own accounts and of altering Theradoc bank records to cover up the diversion.

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