Settlement Reached with Accountants for Battoo Victims

Case based on alleged improper professional conduct in respondents’ audits of the financial statements of Maven Assurance Limited and Maven Life International Limited. The Maven Entities offered insurance-linked investment options to U.S.-based investors, and had gone into business with Nikolai Battoo, giving him discretion to manage their assets. Battoo conducted one of the largest frauds in history, which the Maven Entities were swept up in (losing almost 80% of their assets). Respondent accounting firm was censured and ordered to comply with remedial undertakings. Respondent Diericx, the engagement partner, was barred with the opportunity to apply for reinstatement after 3 years.