E&Y to Pay $11.8M in Energy Case

E&YErnst & Young will pay more than $11.8 million to settle charges that one partner and a former partner ignored red flags in audits of an oil services company. The Securities and Exchange Commission says Craig Fronckiewicz, the partner who coordinated the audits, and former tax partner, Sarah Adams, who was part of the audit engagement team, missed the use of deceptive income tax accounting to inflate Weatherford International's earnings.

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