BDO Seidman, the US
member firm of BDO International, has been found guilty in a $170m (£85m) fraud
case brought against it by Portuguese bank,
A Miami jury found that the firm failed to perform its audits in accordance with
generally accepted auditing standards, according to Reuters.
Espirito Santo sued BDO for the $170m, plus unspecified punitive damages,
because of BDO’s involvement with Miami-based E.S. Bankest and the conduct of
its audits for the years ending 1998 through 2002.
was a factoring company created by Espirito Santo and Bankest Capital Corp. in
BDO has repeatedly denied any wrongdoing in its audits and is to appeal the
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