The SEC announced Monday it filed and settled a US$1 million fine against Friedman LLP, Tether’s former auditing firm, over “serious violations of the federal securities laws.”
In addition to the civil penalty, Friedman LLP has agreed to pay US$564,138 in disgorgement and prejudgment interest and to train its employees in proper auditing procedures.
This follows Tether’s numerous clashes with U.S. legal institutions, further raising doubts about their ability to financially back up the stablecoin.
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