The Securities and Exchange Commission today announced that it has censured a big five accounting firm for auditor independence violations.

The SEC censured KPMG LLP for falsely claiming it was an independent auditor when, in fact, it held a significant investment in one of AIM’s money market funds. The SEC found that from May through December of last year, KPMG held at least $25 million in the AIM Short-Term Investments Trust and at one point accounted for at least 15% of its net assets, according to the SEC.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.