• Register
Return to: Home > News > Tax > Former BDO Seidman partners charged with tax fraud conspiracy

Former BDO Seidman partners charged with tax fraud conspiracy

Two former BDO Seidman partners, including a former chief executive, have been charged with tax fraud conspiracy and related crimes arising out of tax shelters.

Denis Field, a former chief executive chairman of the board of the US firm, is also former head of the firm’s national tax practice, and one of three heads of the firm’s tax solutions group, which handled all aspects of the tax shelter practice.

Robert Greisman was a tax partner in BDO Seidman’s Chicago office and a member of the tax solutions group.

The two were named, along with three former shareholders of a law firm and two former bankers, in an indictment filed in Manhattan Federal Court that alleged they designed, marketed and implemented fraudulent tax shelters used by wealthy individuals with multimillion-dollar taxable income in order to eliminate or reduce the taxes they would have to pay the Internal Revenue Service (IRS). It was alleged that Field and Greisman developed and utilised tax shelters for themselves in order to evade personal tax liabilities on the substantial income they were receiving from their design, marketing and implementation of fraudulent tax shelters.

The conspiracy and tax evasion charges each carry a maximum penalty of five years in prison, three years’ supervised release, restitution and a fine of $250,000 or twice the gross gain to the defendant or twice the gross loss to the IRS.

“We are dedicated to holding accountable tax and financial professionals whose deceit and fraud cost this country millions in tax revenues,” said Lev Dassin, the acting US Attorney for the Southern District of New York.

“The allegations contained in the indictment reflect a brazen disregard for the law.”

Internal Revenue Service commissioner Doug Shulman added: “Taxpayers deserve our vigilance in the investigation and prosecution of allegations of fraud by unscrupulous tax and financial professionals who assist others in hiding income and evading the payment of their fair share of taxes.”

Three other former BDO Seidman partners have pleaded guilty to related charges this year.

Former vice-chairman and board member Charles Bee pleaded guilty on 3 June to charges of conspiracy to defraud the IRS, tax evasion and perjury.

Adrian Dicker, another former vice-chairman pleaded guilty on 17 March to conspiracy and tax evasion charges.

Principal Michael Kerekes pleaded guilty on 13 February to conspiracy and tax evasion charges.

Southern District of New York assistant US attorney Stanley Okula and Department of Justice Tax Division assistant section chief Nanette Davis are in charge of the prosecution.

Top Content

    The UK: uncertain waves rule Britannia

    he UK’s accountancy profession is currently in a period of much uncertainty. The Competition and Markets Authority (CMA) has released its review into the listed audit market which could cause the biggest shake-up the profession has seen in years, the Kingman Review has described the Financial Reporting Council (FRC) as not being fit for purpose and called for it to be replaced. All the while the country remains in a deadlock on Brexit negotiations.

    read more

    Views from the Eurozone

    With Brexit looming, populist governments gaining footholds in a number of countries and movements such as the Yellow Jacket protests in France, 2018 was anything but a quite year for the eurozone. Here leaders report to the IAB on their markets.

    read more

    Eastern promise and how to find it

    With China rising as a global power, Jonathan Minter spoke with ShineWing’s Zhang Ke and Marco Carlei at the World Congress of Accountants 2018 in Sydney, to discuss the cultural challenges that occur when Chinese networks look beyond their border, and the dividends available for those who overcome them.

    read more

    Spain: looking to widen demand

    As Spanish accounting professionals prepare for new audit regulations, the Paul Golden asks what they need to do individually and at firm level to maintain and increase demand for their services.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.