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Tangerine Investment Management Hires KPMG to Conduct External Audits
October 24, 2012
Tim Schools has announced that he is resigning from his post as director of Tangerine Investment Management. Schools was accused of professional misconduct in August. The Solicitors Regulation Authority of England has been investigating Schools’s conduct for the past two months.
Schools is accused of acting with a conflict of interest and failing to maintain proper records of the firm’s financial activities. None of the allegations against Schools have been proven and he insists is not guilty of any wrongdoing. However, he has decided to step down from his role so that any allegations made against him will not reflect on the firm or jeopardize the business.
Negative publicity arose after an audit revealed a number of concerns with Tangerine’s funds. Tangerine has announced that it has hired KPMG to conduct an external audit. The firm wrote that it didn’t believe it was prudent to comment on the investigation, but said they are taking it very seriously. They have asked KPMG to report to them by the end of the month.
Tangerine has also said that it has asked the solicitors regulatory agency to help manage the fund. They said they are adamant about improving transparency and cooperating with ongoing investigations.