Shoddy exams trigger U.S. sanctions for accountant to athletes' adviser

April 29, 2016 8:50 PM

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An accounting firm for a financial services company that advised former heavyweight boxing champion Mike Tyson and other athletes violated a rule designed to safeguard customer funds, U.S. securities regulators said on Friday.

The accounting firm, Santos, Postal & Co P.C. and one of its partners, Joseph Scolaro, conducted shoddy "surprise exams" of customers' assets at SFX Financial Advisory Management Enterprises in Washington, the U.S. Securities and Exchange Commission said in a settlement with the firm.

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