BDO Puts Up $50M To End Tax Fraud Investigation

Law360, New York (June 13, 2012, 10:39 PM EDT) -- Accounting firm BDO USA LLP agreed to pay $50 million to the federal government after admitting to its role in a tax shelter fraud scheme that generated at least $6.5 billion in false tax losses for wealthy clients, the U.S. Department of Justice announced Wednesday.

Federal prosecutors entered into a six-month deferred prosecution agreement with BDO, formerly known as BDO Seidman LLP, to resolve one prong of a widespread, multiyear tax fraud investigation by the DOJ and the Internal Revenue Service.

“Today’s agreement is the latest...
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