NEW CITY — The Rockland accountant who admitted rubber-stamping convicted swindler Bernard Madoff's financial audits for years has been stripped of his license by the state, according to records.
David Friehling, who worked out of an office on North Main Street in New City, was charged with multiple counts of professional misconduct by the state Department of Education, which licenses CPAs and other professionals. He had been licensed as a certified public accountant in New York in 1987.
In a decision made public this week, the Office of Professional Discipline of the state Department of Education, voted July 19 to revoke Friehling's license for his involvement with Madoff and Madoff's company, Bernard L. Madoff Securities LLC.
From 1991 to 2008, Friehling was responsible for issuing yearly audits on the financial statements of Bernard L. Madoff Securities, the state noted in decision.
"When each opinion was issued (Friehling) knew that no audit or any examination had been conducted of said financial statements," according to the decision issued by the state.
Friehling said that Madoff paid him $12,000 to $14,500 a month as his auditor.
The longtime New City resident pleaded guilty in November to nine criminal counts, including securities fraud, investment adviser fraud, and three counts of obstructing tax law administration.
He is due to be sentenced Sept. 3 in U.S. District Court in Manhattan.
Read more about this story tomorrow at www.lohud.com and in The Journal News.
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