Greek accounting firm Savvides & Partners/PKF Cyprus agreed to pay $261,565 to settle charges with the U.S. Securities and Exchange Commission that it engaged in fraud in connection with its 1999 and 2000 audits of bankrupt software developer AremisSoft.

In a March 2006 complaint, the SEC said that PKF Cyprus issued audit reports for AremisSoft subsidiaries in 1999 and 2000 signed by former firm partner Pavlos Meletiou, whose 2000 audit workpapers were found in a trash heap outside AmerisSoft's offices in India.

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