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Arthur Andersen agreed to pay $7 million to settle Securities and Exchange Commission charges that it filed false and misleading audit reports overstating a client's pre-tax income by more than $1 billion. Without admitting or denying the allegations, Andersen agreed to the first anti-fraud injunction in more than 20 years and the largest-ever civil penalty in an SEC enforcement action against a Big Five accounting firm.
June 19, 2001 at 12:00 AM
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The original version of this story was published on Law.Com
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