The Rockland County executive wants the legislature to terminate contracts with an auditing firm. This comes the day after the Securities and Exchange Commission announced that the New York-based firm and a senior partner agreed to settle charges that they issued fraudulent audit reports in connection with municipal bond offerings by the Town of Ramapo.
Rockland County Executive Ed Day is asking the legislature to terminate nearly $1 million spread across three contracts with PKF O’Connor Davies. Day says the county also is looking into other contracts with the firm, including one involving a deferred compensation plan offered to employees. The firm and its executive consented to the SEC’s order without admitting or denying the findings. However, The Journal News reports that the firm, in a statement, said it stood by its work with Ramapo. Ramapo, its local development corporation, and four town officials, including Town Supervisor Christopher St. Lawrence were charged in a federal fraud case earlier this year in connection with the financing of Provident Bank Park.