SEC Chair Jay Clayton basically told investors “nothing to see here” when five KPMG partners were indicted for unlawfully using prior knowledge of confidential information from their regulator, the PCAOB.
Francine McKenna quoted VEA Vice Chair Nell Minow in an article for Marketwatch:
Corporate governance expert Nell Minow, the vice chair of ValueEdge Advisors, said investors shouldn’t be satisfied with the SEC’s statement. “The breadth and seriousness of the charges and the importance to the financial markets of the companies affected should require a through internal investigation with results made public. If the SEC or KPMG do not insist on it, investors and clients should.”