March 12, 1990 |
Union Bank Wins $5-Million Court Award: Accounting firm Arthur Young & Co. (now known as Ernst & Young) was ordered Thursday to pay $5 million to Union Bank of San Francisco for negligence in preparing financial statements on a Los Angeles company. An Orange County Superior Court jury in Santa Ana found the financial statements for Small World Greetings were inadequate and faulted the bank for sloppy lending practices. (Filed May 17, 1988; Case No. X557156)
June 1, 1994
IDB Communications Group Inc. Auditor Quits: The company said Deloitte & Touche resigned after the accounting firm "questioned various adjustments" in IDB's first-quarter financial statements. IDB, a fast-growing Los Angeles-based telecommunications firm, is headed by Jeffrey P. Sudikoff, who recently joined with entertainment industry executive Joseph Cohen to buy a 72% stake in the L.A. Kings from financially troubled owner Bruce McNall.
July 30, 1997 |
Gov. Fife Symington testified Tuesday that he made numerous mistakes in financial statements he gave to lenders but said he was qualified as a developer to use his own estimates rather than those of appraisers. Symington often answered "I made a mistake" or "I made an error on that" when federal prosecutor David Schindler asked him to explain why he listed incorrect figures for such things as the sale price of his home or omitted outstanding loans.