SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
of the Securities Exchange Act of 1934
March 22, 2002
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Date of report (Date of Earliest Event Reported)
Friedman, Billings, Ramsey Group, Inc.
(Exact name of Registrant as specified in Its Charter)
VIRGINIA 001-13731 54-1837743
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(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation) Identification No.)
1001 Nineteenth Street North, Arlington, Virginia 22209
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(Address of principal executive offices and zip code)
(703) 312-9500
Registrant's telephone number, including area code
ITEM 4. Changes to Registrant's Certifying Accountants.
On March 22, 2002, Friedman, Billings, Ramsey Group, Inc. (the "Company")
determined not to renew the engagement of its independent accountants, Arthur
Andersen LLP ("Andersen") and appointed PriceWaterhouseCoopers ("PWC") as its
new independent accountants, effective immediately. This determination followed
the Company's decision to seek proposals from independent accountants to audit
the Company's financial statements for the fiscal year ending December 31, 2002.
The decision not to renew the engagement of Andersen and to retain PWC was
approved by the Company's Board of Directors upon the recommendation of its
Audit Committee. Andersen's report on the Company's 2001 financial statements
has not yet been issued, but is expected to be issued in March 2002, in
conjunction with the filing of the Company's Annual Report on Form 10-K for the
year ended December 31, 2001.
During the Company's two most recent fiscal years ended December 31, 2001
and 2000, and the subsequent interim period through March 22, 2002, there were
no disagreements between the Company and Andersen on any matter of accounting
principles or practices, financial statement disclosure, or auditing scope or
procedure, which disagreements if not resolved to Andersen's satisfaction would
have caused them to make reference to the subject matter of the disagreement in
connection with their reports.
None of the reportable events described under Item 304(a)(1)(v) of
Regulation S-K occurred within the Company's two most recent fiscal years and
the subsequent interim period through March 22, 2002.
The audit reports of Andersen on the consolidated financial statements of
the Company and subsidiaries as of and for the fiscal years ended December 31,
2000 and 1999 did not contain any adverse opinion or disclaimer of opinion, nor
were they qualified or modified as to uncertainty, audit scope, or accounting
principles. A letter from Andersen is attached as Exhibit 16.1.
During the Company's two most recent fiscal years ended December 31, 2001
and 2000, and the subsequent interim period through March 22, 2002, the Company
did not consult with PWC regarding any of the matters or events set forth in
Item 304(a)(2)(i) and (ii) of Regulation S-K.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
Number Exhibit
16.1 Letter of Arthur Andersen LLP regarding change in
certifying accountant
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Friedman, Billings, Ramsey Group, Inc.
Date: March 28, 2002 By: /s/ Kurt R. Harrington
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Kurt R. Harrington
Chief Financial Officer
LIST OF EXHIBITS
16.1 Letter of Arthur Andersen LLP regarding change in certifying accountant.
EXHIBIT 16.1
March 28, 2002
Office of the Chief Accountant
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Dear Sir/Madam:
We have read Item 4 included in the Form 8-K dated March 22, 2002 of Friedman,
Billings, Ramsey Group, Inc. to be filed with the Securities and Exchange
Commission and are in agreement with the statements contained therein.
Very truly yours,
/s/ Arthur Andersen LLP
cc: Mr. Kurt R. Harrington, Chief Financial Officer, Friedman, Billings, Ramsey
Group, Inc.