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June 17, 2020

Posted  June 17, 2020

AmTrust Financial Services Inc. and its former CFO, Ronald E. Pipoly Jr., have agreed to pay the SEC $10 million and $75,000, respectively, to settle charges of failing to properly disclose material facts about how the company estimated insurance losses and reserves, specifically the fact that Pipoly made accounting adjustments that diverged from the company’s actuarial estimates.  The adjustments eventually exceeded $300 million, which impacted all of the company’s reporting.  SEC

Tagged in: Financial and Investment Fraud,