PracticeAccounting FirmsBDO Seidman found guilty in US fraud case

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,
Banco Espirito
Santo.

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.

E.S.
Bankest
was a factoring company created by Espirito Santo and Bankest Capital Corp. in
1998.

BDO has repeatedly denied any wrongdoing in its audits and is to appeal the
verdict.

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