Good news for SBB Research Group: the auditor of the Chicago-area hedge fund adviser charged by the US Securities and Exchange Commission (SEC) with a material misstatement associated with SBB's valuation of the structured notes included in its funds has settled with the regulator over improper conduct.
The US watchdog has settled charges with RSM, an audit, tax, and consulting firm focused on the US middle market over claims of improper professional conduct after the firm assigned unqualified staff to audit a series of private investment funds managed by SBB Research Group. SBB claims that it always acted in good faith with respect to the fair value estimates of the structured notes invested in its funds. According to the SEC’s order, the underlying matter involved defi
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