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Former BDO Seidman CEO Denis Field Acquitted in Multi-Billion Dollar Tax Shelter Fraud Prosecution

Posted in Acquittal

Denis Field, former CEO of BDO Seidman was acquitted last Thursday on all seven counts against him by a jury for the U.S. District Court for the Southern District of New York, in the case of U.S. v. Daugerdas, 09-cr-00581 (S.D.N.Y. 2009), as reported at accountingtoday.com. The jury also returned a guilty verdict against co-defendant attorney Paul Daugerdas, of the firm of Jenkens & Gilchrist, on seven counts.

The defendants were charged with conspiracy, tax evasion and attempting to obstruct the IRS for allegedly engaging in a decade-long scheme involving phony tax shelters which created approximately $7 billion in fraudulent tax deductions and more than $1 billion in fraudulent losses, which the government claimed cost the U.S. Treasury $92 million. The government alleged that the defendants used the false tax shelters to generate fraudulent tax losses for at least 931 wealthy individuals.

The government indicted seven defendants, including Mr. Field and Mr. Daugerdas, in 2009. Two of the defendants, former BDO Seidman partner Robert Greisman and former Jenkens & Gilchrist attorney Erwin Mayer, pled guilty.

Both men were convicted in 2011 following trial, however the convictions were overturned as a result of a juror who lied about her background to get on the case. The defendants’ second trial commenced on September 9, and deliberations began on October 29.

“What is a moderate interpretation of the text? Halfway between what it really means and what you’d like it to mean?” – Justice Antonin Scalia

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