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Accounting Giant BDO Sued for Aiding and Abetting

In $7.2 Billion Stanford Financial Broup Ponzi Scheme.
Auditor Materially and Maliciously Co-Conspired with the Stanford Financial Group
to Facilitate and Perpetuate the Second Largest Ponzi Scheme in History.

A class-action lawsuit filed Friday in U.S. District Court seeks to recover more than $7 billion from BDO International, the world’s fifth largest network of independent public accounting firms, for its critical role in the Stanford Financial Group Ponzi scheme
Beginning in 1995, BDO provided audit, tax and other professional services to the Houston-based Stanford Financial Group of Companies (SFG), including Stanford Group Company (SGC), an SEC-registered broker dealer and investment advisor that once had more than 30 offices throughout the U.S.; Stanford Trust Company (STC) in Baton Rouge, Louisiana; Stanford Fiduciary Investor Services (SFIS) in Miami, Florida; and Stanford International Bank, Ltd. (SIBL), an offshore bank chartered and domiciled in Antigua.
In February 2009, the Securities and Exchange Commission alleged SFG had engaged in “massive, ongoing fraud” and took the global network of companies into receivership.
Click here for Complaint Filed.

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