Â鶹´«Ã½

Home   News   Features   Interviews   Magazine Archive   Symposium   Industry Awards  
Subscribe
Â鶹´«Ã½
Leading the Way

Global Â鶹´«Ã½ Finance News and Commentary
≔ Menu
Â鶹´«Ã½
Leading the Way

Global Â鶹´«Ã½ Finance News and Commentary
News by section
Subscribe
⨂ Close
  1. Home
  2. Industry news
  3. Parkcentral investors sue Ernst and Young
Industry news

Parkcentral investors sue Ernst and Young


27 August 2010 Houston
Reporter: Ben Wilkie

Generic business image for news article
Image: Shutterstock
A group of investors who lost money following the collapse of hedge fund Parkcentral have sued auditor Ernst & Young, accusing it of fraud.

The lawsuit, filed in Houston, Texas, alleges that Ernst & Young concealed information and 'facilitated, assisted in and participated in' securities fraud.

"E&Y was supposed to be auditing Parkcentral, but the audited financial statements never once warned Parkcentral's investors of their impending doom," said Demetrios Anaipakos, an attorney for the investors.

"Our clients were informed that their investment in Parkcentral was supposed to preserve capital but instead they lost every penny in record time."

The fund lost over USD2.6 billion, while the investors involved in the lawsuit lost a combined USD17 million.
← Previous industry article

Kas Bank reports drop in SL income
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Â鶹´«Ã½ Finance Times
Advertisement
Subscribe today
Knowledge base

Explore our extensive directory to find all the essential contacts you need

Visit our directory →
Glossary terms in this article
→ Hedge

Discover definitions, explanations and related news articles in our glossary

Visit our glossary →