June 25, 2018

Ex-BDO CEO’s Quest to Get Firm to Pony Up for His Legal Bills Not Going So Well

Former BDO CEO and Wolfpack leader Denis Field received some bad news in his quest to get BDO to pay his hefty legal bills:

A panel unanimously affirmed rulings by Justices Saliann Scarpulla and Barbara Kapnick in Matter of Denis M. Field v. BDO USA, 600010/12, refusing to grant motions by Denis Field, former CEO of BDO Seidman, to vacate an arbitrator's decision denying him attorneys fees he claimed he was owed by the tax and accounting firm.  
Field has been trying to get BDO to foot the bill for "millions in legal fees" that the firm stopped paying his defense lawyers in 2007, "after it determined his conduct as CEO was not 'ordinary and proper,' and thus not indemnifiable under the New York Partnership Act."
 
That was quite a stroke for Bravo Delta Oscar, however, after Field was acquitted in his 2013 re-trial, he started chasing BDO for the money, saying the firm deceived the arbitrator to "avoid its commitment to provide for fees."
 
The appeals panel did not agree:
"Field has failed to meet his heavy burden of establishing that the arbitration award should be vacated on the basis of fraud," said the panel, which consisted of Justices Angela Mazzarelli, John Sweeny Jr., Judith Gische and Darcel Clark.  
Somthing tells me this isn't over, especially in light of BDO getting its third comma.
 

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Jeremy Newman Just Wants to Be Clear, We are NOT Declaring Victory Over Banco Espirito…YET

BDO_International.pngAfter throwing an all night rager last week when BDO International Global Coordination skated on the $521M verdict, Jeremy Newman, BDO Boss, wants everybody to chill.

Newman said he had always been confident that BDO International’s arms-length approach would be proved but added: ‘There is still the risk of a further appeal, as well as the appeal by the US firm.’

See? Staying cool. Not out of the woods yet. But when we beat those bastards on appeal, then we are getting down.

Newman stays cool after BDO victory
[Accountancy Age]

You Know That Guy That Panhandles on Your Block? He May Be a CPA.

Anybody out there looking to help their fellow CPA, who’s down on his luck?
The Wall St. Journal is reporting that the former BDO Seidman LLP CEO, Denis Field may have to pay back a portion of $180 million that is being sought by prosecutors in the tax shelter case that involves Field and six others.
Natch, everybody has denied wrongdoing. The charges include conspiracy and tax evasion. Good luck with that.

Prosecutors Seek Ex-BDO Seidman CEO, 6 Others To Forfeit $180M
[WSJ]