BDO Seidman found guilty in US fraud case
Miami jury finds in favour of Portuguese bank, Banco Espirito Santo
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