Jury Selection Begins Over Auditor’s Role In Bankest Fraud
On one side is Banco Espirito Santo, E.S. Bankest’s parent company, which originally filed the lawsuit before the Miami-Dade Circuit Court in May 2004. In its complaint, Espirito Santo accused Bankest’s accounting firm, BDO Seidman LLP, of negligence in failing to detect $170 million worth of fraud.
BDO Seidman, which audited E.S. Bankest from 1998 to 2002, rubber-stamped phony financial statements every year, according to the complaint....
To view the full article, register now.