Ernst & Young Confronts Madoff's Specter in Trial Over Audits
- Auditor begins first such trial over Madoff-related losses
- Washington investment firm says it lost more than $110 million
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Ernst & Young LLP took Bernie Madoff at his word when it signed off on audits of a fund that helped feed the biggest Ponzi scheme in U.S. history.
The firm must now defend that decision at the first trial of an auditor over losses tied to Madoff, who’s serving a 150-year prison term for stealing billions of dollars from thousands of investors.