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SEC sanctions KPMG accountants over botched College of New Rochelle audit

They issued the 2015 audit report despite many unanswered questions and lack of documentation, according to the SEC, and overstated the college’s net assets by $33.8 million.

College of New Rochelle officials sued over financial mismanagement

“CNR routinely failed to pay federal and state payroll taxes, flouted and ignored rules regarding use of federal grant money, overdrew its bank accounts, and depleted the majority of CNR’s endowment fund.”

College of New Rochelle acquired by Masons for $32 million

The college filed for bankruptcy on Sept. 20 due to $80 million in liabilities, following several years of financial uncertainty.

CNR controller Keith Borge sentenced to 3 years in prison

If he were really committed to CNR, he would not have retired in 2016 at age 60; he would have stuck it out and handled the financial problems openly and honestly, Judge Vincent Briccetti said.

Prosecutors place blame for College of New Rochelle demise on convicted...

“The defendant was literally the only person who knew the truth about CNR’s financial condition,” prosecutors state in a sentencing memorandum. “He was the only person who could have initiated a successful effort to save the college."

Convicted College of New Rochelle controller Keith Borge blames other officials...

Borge detailed his version of the college’s decline in a sentencing memorandum and letter to a federal judge in which he asks for no jail time and no fine when he is sentenced on Aug. 28.

Former College of New Rochelle controller Keith Borge pleads guilty to...

Borge, 62 of Valley Cottage, inflated assets and underreported liabilities from 2014 to 2016, the government says, to disguise the college’s rapidly deteriorating financial condition.