PracticeAuditUS attorneys go after PartyGaming founders

US attorneys go after PartyGaming founders

Accounting firms ordered to hand over documents by US Department of Justice

Dozens of accounting and law firms have been ordered to hand over documents
relating to PartyGaming, 999 and Empire Online as the US Department of Justice
cracks down on the fortunes made by the gambling companies.

The billions made by the founders of
PartyGaming are being hotly pursued by US
authorities, who are demanding British banks provide hard evidence of their
wealth.

Accounting firms, investment banks and law firms – among whom are DKW, book
runner to HSBC, 888’s book runner BDO Stoy
Hayward
, Credit Suisse, Deutsche Bank and Investec – are handing over
details of individuals’ ownership and involvement in the companies to US
investigators who intend using it as court evidence.

According to local banks, the US Department of Justice intends to recover
– through fines and seizure of assets – monies made by the company’s senior
executives.

The single largest target, according to The Daily Telegraph, is
Anurag Dikshit, the brains behind
PartyGaming.

Dikshit took out ?432m when the company floated. Since June 2005 when the
company listed, the four founders have cashed in more than ?1.2bn.

Internet gaming was effectively banned in October last year when president
Bush signed legislation outlawing gaming-related financial transactions.

Further reading:

On the money: haunting words

Investors scrutinise PartyGaming options
changes

PwC tightens grip on FTSE 100 audits

Related Articles

KPMG South Africa to review past audit work amid fresh scandal

Audit KPMG South Africa to review past audit work amid fresh scandal

1w Alia Shoaib, Reporter
FRC introduces £10m sanctions for Big Four firms

Audit FRC introduces £10m sanctions for Big Four firms

2w Alia Shoaib, Reporter
Ukraine’s PrivatBank files $3bn claim against PwC

Audit Ukraine’s PrivatBank files $3bn claim against PwC

3w Alia Shoaib, Reporter
Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

Audit Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

3w Alia Shoaib, Reporter
Big Four dominate FTSE 250 audit market in Q1 rankings

Audit Big Four dominate FTSE 250 audit market in Q1 rankings

2m Alia Shoaib, Reporter
Deloitte to pay $149.5m over Taylor, Bean & Whitaker audit failure

Audit Deloitte to pay $149.5m over Taylor, Bean & Whitaker audit failure

2m Alia Shoaib, Reporter
Carillion inquiry: missed red flags, aggressive accounting and the pension deficit

Audit Carillion inquiry: missed red flags, aggressive accounting and the pension deficit

2m Alia Shoaib, Reporter
Deloitte’s audits of Hezbollah-linked bank to be examined by Dubai court

Audit Deloitte’s audits of Hezbollah-linked bank to be examined by Dubai court

2m Alia Shoaib, Reporter