New City accountant David G. Friehling, caught up in the Bernard L. Madoff multi-billion investment fraud scandal, is no longer a CPA.
A state agency that oversees the professional conduct of certified public accounts has accepted Friehling's surrender of his license after being accused of misconduct for approving audits of Madoff's business for 17 years without actually having reviewed the firm's financial statements.
Friehling, who was based on North Main Street in New City and is a New City resident, filed papers with the state Board of Education's Office of Professional Discipline admitting guilt in connection with the Madoff audits. The Board of Regents accepted the surrender of Friehling's license at its July 19 session.
Friehling said Tuesday that he could not comment on the matter. In addition to admitting professional misconduct, he has pleaded guilty to criminal charges including securities fraud and investment adviser fraud. Sentencing is scheduled for Sept. 3 in federal court in New York City.
Madoff is already serving a federal prison sentence.
The same action that accepted the surrender of Friehling's license also officially put his CPA firm out of business.