A federal banking regulator has fined Grant Thornton LLP $300,000 for “reckless conduct” in performing a 1998 audit of the failed First National Bank of Keystone.

Fining an accounting firm is a rarity for the Office of the Comptroller of the Currency, an agency within the Treasury Department that regulates chartered banks. In August 2005, an administrative law judge within the office had recommended that the case be dismissed entirely.

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