EY, a professional services company, is in for quite the rollercoaster. It’s cornered itself into a $100 million fine, due to its employees attempting to cheat an ethics exam.
The company, famous for being one of the country’s top four accounting firms, actually admitted a large portion of their “professional” auditors tried to cheat on the ethics section of their CPA exams and related education courses.
Someone hasn’t looked at a dictionary recently
Furthermore, Ernst & Young even withheld evidence of this misconduct from officials when an investigation was launched, prompting the Securities and Exchange Commission to issue an enormous fine.
The Director of the SEC’s Enforcement Division, Gurbir Grewal, stated this sort of behavior presents a breach of trust.
The fact that those whose sole task is to prevent cheating by clients, cheated on their own exam, the ethics portion of it no less, is outrageous.
Today we charged Ernst & Young for cheating by its audit professionals on exams required to obtain and maintain CPA licenses and for withholding evidence of this misconduct during the SEC’s investigation of the matter.
— U.S. Securities and Exchange Commission (@SECGov) June 28, 2022
The associate director of the same division, Melissa Hodgman, added the SEC will not be allowing the submission of misleading or forged information that could compromise the trust relationship between the investors and the markets.
What’s more, Ernst & Young is looking at a hefty fine and years of remediation to ensure its conduct meets the ethical standard that other companies involved in the capital markets have managed to uphold.
Other companies join the “lack of ethics” party
However, what they lack in common sense and honor, they make up for it with “woke” status and social justice initiatives.
EY is one of the leading companies in the field of “eradicating racism and discrimination” in the workplace.
Do you know of a country that rose from the ashes after taking advice from Deloitte, KPMG , Ernst & Young, and PricewaterhouseCoopers?
— Dr Hughes (@TheRealPro7) June 20, 2022
Oddly enough, they’re not the only one out of the “progressive” bunch to be penalized for unethical behavior.
The SEC only recently imposed a $1.5 million fine on BNY Mellon for misleading information regarding their ESG goals for a dozen mutual funds they’ve been taking care of.
According to the SEC, BNY Mellon presented false information regarding whether fund investments had undergone an ESG review or not.
This turned out to not have been the case for the majority of the investments made between July 2018 and September 2021.
Much like EY and BNY Mellon, Wells Fargo joined in on the BLM echo chamber in May 2020 when the criminal known as George Floyd was murdered; the company’s CEO Charlie Scharf claimed to be devastated by his death.
Ernst & Young has agreed to pay a $100 million fine after U.S. securities regulators found that some of its auditors had cheated on ethics exams.
The good news is, all the cheaters have been offered full scholarships to law school.
— Ann Coulter (@AnnCoulter) June 28, 2022
As expected though, barely two months after he’d shed those crocodile tears, Wells Fargo had been found guilty of conducting staged interviews with female and minority applicants to artificially boost their diversity scores.
In August of the same year, Scharf agreed to pay $7.8 million to settle a claim saying nearly 35,000 black applicants were discriminated against.
If anything, this should be a wake-up call for anyone still feeding into the “woke” propaganda. It’s crystal clear the left is willing to go above and beyond just to drive a pin between the black and white communities.