Thanks for posting all of these. I found this snippet interesting, as it shows that the auditor was basically questioning something that was settled with the SEC.
Hence the eternal delay with the accounts it seems.
If the SEC was aware of this why did they settle, begs the question.
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During the trial, Brian Downey, a certified public accountant and auditor with Eisner Amper of New Jersey, testified that he raised questions about various transfers but couldn’t get satisfactory answers from executives of UDF.
Much of the testimony revolved around fund transfers between entities with common ownership. Downey, testifying for the prosecution, said those transfers are known as affiliate transactions or related-party transactions, and in most cases, they’re not permitted.
Downey further said he raised concerns with Greenlaw, Obert, Wissink and other UDF executives that related-party transactions were occurring. Downey never received the necessary documentation he sought to rule out that possibility, he testified.
However, when questioned by defense attorneys, Downey said many variables factor into whether something is a related-party transaction, so it’s not clear-cut.
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