Violation Tracker Individual Record

Company: 
BDO USA, LLP
Current Parent Company: 
BDO International
Penalty: 
$50,000,000
Year: 
2012
Date: 
June 13, 2012
Offense Group: 
financial offenses
Primary Offense: 
tax violations
Violation Description: 

The United States Attorney for the Southern District of New York and the Internal Revenue Service announced that BDO USA, LLP (formerly BDO Seidman LLP) admitted to criminal wrongdoing and agreed to pay $50 million to the United States in connection with its participation in a tax shelter fraud scheme that generated at least $6.5 billion in phony tax losses for wealthy clients.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
U.S. Attorney-Southern District of New York
Civil or Criminal Case: 
criminal
Prosecution Agreement: 
deferred prosecution agreement
HQ Country of Parent: 
Belgium
Ownership Structure of Parent: 
privately held
Major Industry of Parent: 
business services
Specific Industry of Parent: 
accounting services
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.