Manhattan U.S. Attorney Announces Agreement with BDO USA LLP To Pay $50 Million To Resolve Federal Tax Fraud Investigations
Preet Bharara, the United States Attorney for the Southern District of New York, Douglas H. Shulman, the Commissioner of the Internal Revenue Service (“IRS”), and John A. DiCicco, the Principal Deputy Assistant Attorney General for the Tax Division of the Department of Justice, announced today that BDO USA, LLP (formerly BDO Seidman LLP, hereafter “BDO”) 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.