One of the world’s largest auditing firms failed to detect a fraud scheme that forced a Miami factoring company into bankruptcy and cost Espirito Santo Bank more than $170 million, the bank’s attorney claimed Thursday.

The attorney for outside auditors BDO Seidman countered the bank was raking in the profits on the factoring business and was responsible for finding the scam.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]