Judge Victor Marrero rejected PwC’s argument that MF Global’s attorneys were presenting a new theory of causation in their case, dealing the firm a setback in the trial. PwC claimed that the plaintiffs were conducting a “trial by ambush.” From Reuters: PwC said the administrator has in three years of litigation blamed the bankruptcy on […]
Yesterday, PwC asked the judge in its court battle with MF Global to prohibit the use of a “new theory of causation” or to declare a mistrial. PwC filed the motion at midnight on Monday, so you can’t blame the plaintiffs if they felt caught off guard. Dan Fetterman, the lead attorney for the plaintiffs […]
How are you, PwC? Week 2 in the trial between MF Global and PwC started off interestingly enough: PwC wants the judge to consider declaring a mistrial. The reason? The firm’s lawyers claim that the plaintiffs have “changed its theory of why the brokerage failed” calling it a “trial by ambush.” MF Global’s attorneys see […]
This Associated Press report chronicles the first two days in the trial between the bankruptcy trustee of MF Global Holdings and PwC. The story is fine, a classic example of AP reporting, but two sentences make it truly remarkable (and thus worthy of our pages here): What was originally a highly technical case newsworthy mostly […]
Despite all the hubbub around the screw-up at the Academy Awards, PwC has to soldier on with its business. Unfortunately, right now that business includes defending itself against a massive lawsuit in a trial that starts on Monday. It’s hard to imagine a worse Monday than the day after #Envelopegate, but the firm’s face-off with […]
After a jury ruled in Deloitte’s favor in a lawsuit that could’ve cost them $850 million, the firm said it was “gratified” by the verdict and “committed to conducting audits of the highest quality.” Which is a relief in case you thought the world’s largest professional services firm had been winging it this whole time. [WSJ]
Bernie Madoff's "outside auditor" (popularly known as his "accountant") David Friehling already pleaded guilty to fraud in 2009, at which time he told judge U.S. District Judge Alvin Hellerstein "I am truly sorry for the suffering of all the victims." It turns out among the victims is Friehling's own son, who was five years old […]
Former BDO CEO and wolfpack leader Denis Field has won a new trial on charges of tax fraud thanks to a juror in his trial who lied about her alcoholism and, oh…pretty much everything: U.S. District Judge William Pauley in Manhattan today overturned the convictions, ruling that the presence of Catherine Conrad, who was Juror No. 1, […]
Yes, even if it was Allen Stanford's auditor: CAS Hewlett, an accountant in the Caribbean nation of Antigua where Stanford operated a bank and numerous other business interests, received $4.6 million for auditing services, said Morris Hollander, a certified public accountant who testified as an expert witness. “Are amounts paid for auditing these companies in any way […]
I figured you guys should know that.
Ex-CEO Denis Field’s trial for his alleged lead-wolf role in the tax shelter case started last week, while the rest of his fellow wolves – Michael Kerekes, Adrian Dicker, Charles Bee Jr. and Robert Greisman – all pleaded guilty back in 2009.
Led by Field, BDO Seidman was one of the most aggressive tax-shelter marketers, starting in the late 1990s. Inside the firm, the tax-shelter team was known as the “wolf pack.” Field became CEO of the firm in 2000. Tax services accounted for nearly half of BDO Seidman’s $420 million in U.S. revenues in 2002, up from 28 percent in 1998.