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March 30, 2009

Former BDO Seidman vice-chair found guilty of tax fraud

A former BDO Seidman vice-chairman has pleaded guilty to conspiring to defraud the US government through tax shelter transactions involving clients of the accounting firm and law firm Jenkens & Gilchrist.

Between 1995 and 2000, Adrian Dicker was a partner of BDO Seidman working in the tax solutions group (TSG) and from 1999 until 2000 he was on the firm’s board of directors. He also served as a retired partner director for the firm until 2003.

In total, the fraudulent tax shelter transactions implemented by Dicker, his accounting firm, the law firm Jenkens & Gilchrist, and the financial institution that assisted them, led clients to report more than $1 billion in false and fraudulent tax losses.

This resulted in the evasion of more than $200 million of taxes due to the Internal Revenue Service. If found guilty, UK-born Dicker faces a maximum of 10 years prison.

BDO Seidman told the International Accounting Bulletin the tax solutions group was dissolved several years ago and BDO has cooperated fully with the investigation.

Dicker is scheduled to be sentenced on 11 December 2009.

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