Who’s Accountable for Bank Fraud?

Bankruptcy of what was once Alabama’s third largest bank is the center of a court case that could redefine the liability limits of accounting firms.

F.B.I. and U.S. Treasury agents seize documents from Colonial Bank’s Orlando headquarters in August, 2009. Photo by Phelan M. Ebenhack If an accounting firm fails to detect massive fraud that busts the state’s third largest bank, can it be held liable? Accountable, maybe, yet not liable. You could fire them, sure.…

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