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The critical issue in this case study is the responsibility of auditor. Should Ernst & Ernst be civilly liable for defrauded investors of First Securities Company of Chicago under Securities Exchange Act of 1934 under Rule 10b-5.
According to Securities Exchange Act of 1934 under Rule 10b-5, plaintiff which was the defrauded investor Hochfelder needed to prove that Ernst & Ernst intentionally manipulate the escrows investors.
Ernst & Ernst had audited First Securities Company of Chicago for two decades, Ernst & Ernst should have noticed Nay's "mail rule" policy could lead to potential internal control weakness and misleading financial statement.
Defrauded investors were not properly informed or obtained information about the securities they invested in "escrow syndicate" account which Nay personally dealt with.
Since Nay was the president of First Securities Company of Chicago and he only dealt with his closest friends whom trusted Nay......
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Title: First Securities Company Of Chicago
Approximate Word Count: 783
Approximate Pages: 4 (250 words per double-spaced page)
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