Release: #4202-98 (CFTC Docket No. 99-2)
For Release: October 29, 1998
CFTC ISSUES ORDER FINDING ANATOLY OSADCHY a/k/a ANTHONY OSADCHY, AN ACCOUNTANT, ENGAGED IN IMPROPER UNPROFESSIONAL CONDUCT
CFTC Permanently Bars Osadchy From Appearing or Practicing Before the CFTC
WASHINGTON -- The Commodity Futures Trading Commission (CFTC) announced today that it issued an order simultaneously instituting administrative proceedings and accepting an offer of settlement from Anatoly Osadchy a/k/a Anthony Osadchy, a certified public accountant, of Brooklyn, New York. The CFTC order finds that Osadchy engaged in "improper unprofessional" conduct and permanently denies him the privilege of appearing or practicing before the CFTC. Osadchy agreed to the order without admitting or denying the findings therein.
The CFTC order finds that Osadchy engaged in improper unprofessional conduct in performing an audit of the financial statements of a registered introducing broker (IB) and filing a report of its audit, as required with the CFTC, that purported to be in accordance with CFTC's regulations. The order finds that Osadchy failed to conduct his audit in accordance with generally accepted auditing standards (GAAS) and CFTC regulations as required, and that his report incorrectly represented his compliance therewith. Osadchy's audit failures included his lack of independence, failure to obtain sufficient competent evidential matter, his inadequate training and proficiency, failure to plan adequately and failure to exercise due professional care. The order finds that, as a result of these GAAS and regulatory failures, Osadchy engaged in "improper unprofessional conduct" within the meaning of Section 14.8(c) of the CFTC's regulations.
Under the terms of the settlement, Osadchy is permanently denied the privilege of appearing or practicing before the CFTC and has agreed never to apply for reinstatement.