Search Results for: BDO

Two Former Puerto Rico Government Officials, BDO MP Indicted

Six people, including former Puerto Rico officials and the MP of BDO Puerto Rico, have been indicted over allegations of theft, money laundering and wire fraud, Bloomberg reported.

Among those charged is Fernando Scherrer-Caillet, MP of BDO Puerto Rico, Julia Keleher, who served as the commonwealth’s secretary of education from January 2017 until April, and Angela Avila-Marrero, the head of the commonwealth’s health insurance administration until last month. Two others were also indicted.

The “defendants engaged in a public corruption conspiracy and benefited at the expense of the Puerto Rican public and students” says Neil E. Sanchez, special agent in charge of the U.S. Department of Education’s Office of Inspector General’s Southern Regional Office. Comments came at a press conference in San Juan on Wednesday morning.

Bloomberg reports that the move stems from ongoing investigations of the territory, which has been operating under bankruptcy for two years.

Last month, Governor Ricardo Rossello fired his treasury secretary, Raul Maldonado, after the official disclosed that his department was being investigated for potential corruption.

Keleher allegedly pressured her department to execute a contract with a company owned by someone she was close to. The firm, Colon & Ponce, was awarded a $43,500 contract that increased to $95,000, even though it was unqualified under the terms of the request for proposals, according to the U.S. Department of Justice.

Avila-Marrero is accused of steering contracts totaling $2.5 million to BDO and providing internal information to the company. BDO then subcontracted the work and paid unauthorized commissions, which inflated the cost of the contracts, according to the U.S. Department of Justice.

A spokesperson for BDO at an outside public relations firm didn’t immediately respond to a request for comment by Bloomberg.

BDO Alliance Welcomes 5 New Firms

BDO Alliance USA, the alliance of independently owned accounting, consulting and service firms, welcomes five new CPA firms as members.

The new members are: Tulsa, Okla.-based CCK Strategies, San Francisco-based Bregante+Company (FY18 net revenue of $10.6 million), Martin DeCruze & Company of Stamford, Conn., Fasten Halberstam of New York, and Hall & Company CPAs & Consultants of Irvine, Calif.

The BDO Alliance USA now has 215 CPA member firms in over 500 locations nationwide.

CCK Strategies serves small and middle-market companies, entrepreneurs and wealthy families in the greater Tulsa, Okla., and Frisco, Texas, marketplaces. They specialize in serving manufacturing, real estate, oil and gas, and health care-related businesses.

Bregante+Company serves closely held businesses and high-net-worth individuals throughout northern California.

Martin DeCruze & Company serves private equity firms, closely held businesses and high-net-worth individuals primarily throughout Fairfield County, Conn.

Fasten Halberstam serves high-net-worth individuals and privately held businesses, with a specialization in real estate and health care, primarily throughout the New York metropolitan area.

Hall & Company CPAs & Consultants serves privately held businesses, SEC clients and high-net-worth individuals primarily throughout Southern California. They specialize in serving real estate/construction, law firms and manufacturers.

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BDO Launches New Digital Advisory Business

Chicago-based BDO USA (FY19 net revenue of $1.64 billion) has launched BDO Digital, a digital advisory business focused on helping middle market organizations harness innovation and capture the full power of technology.

According to BDO’s forthcoming 2020 CFO Outlook Survey, 54% of middle market organizations are pursuing digital transformation strategies this year. “However, many lack the resources and experience to make digital transformation a success – or as successful as it could be,” BDO says.

BDO Digital offers:

  • Digital Strategy
  • Data Analytics & Insights
  • Change Management
  • IT Outsourcing
  • Governance, Risk & Compliance
  • Privacy & Cybersecurity
  • Cloud & Technology Solutions
  • Application Development

“BDO Digital is focused on the transformational impact of technology on business and people –not just delivering systems,” says Bob Knott, partner of BDO USA and co-leader of BDO Digital. “We help clients envision the possibilities, develop and implement solutions and, most importantly, guide them through the change management necessary to achieve the desired results.”

The team of more than 400 digital advisory professionals is built from the firm’s technology and business transformation services practice and SWC Technology Partners, a wholly owned subsidiary of BDO USA.

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BDO Expands in Washington, D.C., Area With Biegel Waller Investment Advisory Services

Chicago-based BDO USA (FY19 net revenue of $1.64 billion) acquired Biegel Waller Investment Advisory Services of Columbia, Md., on Jan. 1 to expand its wealth advisory practice.

The deal brings 10 partners and professionals to BDO.

Stephen Ferrara, COO of BDO USA, says, “In today’s volatile market, our wealth advisory clients rely on our investment professionals to preserve and enhance the wealth they’ve worked so hard to build. Biegel Waller’s holistic approach to investment advisory through independent research and insightful market analysis is a perfect complement to BDO’s existing wealth advisory practice.”

Biegel Waller Investment Advisory Services focuses on high-net-worth clients. Founded in 1998, the firm works with private wealth clients in the Washington, D.C., market and beyond.

“We seek to minimize portfolio risk and maximize peace of mind for each individual and unique client,” says Mark Biegel, co-founder, partner and senior portfolio manager at Biegel Waller Investment Advisory Services. “With BDO, our clients have even greater access to high-caliber, comprehensive wealth management services throughout the Atlantic region and across the country.”

“The combination of Biegel Waller Investment Advisory Services and BDO’s wealth advisory practice provides clients of both firms with access to the full complement of advisory services that each firm brings to bear,” says Allan D. Koltin, CEO of Koltin Consulting Group, who advised both firms on the transaction. “This expansion into Greater Washington D.C. and Baltimore further supports BDO’s targeted growth strategy.”

BDO will maintain Biegel Waller’s Columbia office.

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BDO USA Names Kelly Johnson as Board Chair; Four Partners Elected to Board of Directors

Kelly Johnson

Chicago-based BDO USA (FY19 net revenue of $1.64 billion) announced the appointment of Kelly Johnson as board chair, along with Mark Ellenbogen, Hoon Lee and Steven Shill as new board directors. Tony Lawrence was re-elected as a board director for his second three-year term. All changes were effective Nov. 1.

“Since being elected as a board director two years ago, Kelly has made a significant impact with her strategic foresight and innovative mindset,” says Wayne Berson, CEO of BDO USA. “As the first woman board chair, her appointment marks an important milestone for our firm. This is something I’m particularly proud of, as I strongly believe inclusive leadership leads to stronger business outcomes. I am equally pleased to welcome Mark, Hoon and Steven as new members of the board and congratulate Tony on his second term.”

  • Johnson leads the firm’s business services and outsourcing national practice, with more than 25 years of experience in finance and accounting. She oversees a team that evaluates and benchmarks key business functions to develop an integrated accounting, finance and human capital approach to meet client objectives.
  • Ellenbogen is the Atlantic assurance regional MP and president and CEO of the firm’s public sector practice. With more than 25 years of public accounting experience, he is responsible for the Atlantic region’s audit practice, with a focus on the software and technology, government contracting and private equity industries.
  • Lawrence is the Central assurance regional MP. He led the Grand Rapids, Mich., assurance practice as an OMP for seven years. He has more than 20 years of experience in public accounting, working with public and privately held companies, with international and domestic ventures.
  • Lee is the West tax regional MP. He was one of the first dedicated research and development (R&D) professionals in the West region. He became the San Francisco OMP in 2012, while continuing his role as the West region leader for the R&D tax credit practice. With 22 years of public accounting experience, he has successfully helped to identify and document over $200 million of R&D credit claims.
  • Shill is an assurance partner and national co-leader for the BDO Center for Healthcare Excellence & Innovation. With nearly 30 years of experience, he serves both public and privately held and nonprofit companies in the health care provider, payer and insurance sectors.

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Aycock & Company Joins BDO Alliance

BDO Alliance USA welcomes Aycock & Company, a $5 million firm in Houston, as its newest CPA member firm.

The BDO Alliance USA, a subsidiary of Chicago-based BDO USA (FY19 net revenues of $1.64 billion) now has 215 CPA member firms in over 500 locations nationwide.

Aycock & Company specializes in serving wealthy families and small to medium-sized businesses with revenues of between $20 million and $100 million in the greater Houston area.

Michael Horwitz, BDO partner and executive director of alliance services, says, “They were the top-scoring firm in the 2019 Best of the Best from INSIDE Public Accounting’s survey of 550 firms, and we believe their professionals share BDO’s commitment to exemplary client service.”

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Three CPA Firms Join BDO Alliance USA

Chicago-based BDO Alliance USA has added three new CPA firms as members.

Moody & O’Neal CPAs of Mount Pleasant, S.C., provides tax services to small and medium-sized businesses, especially in the real estate, construction and professional services industries, in the greater Charleston, S.C., area.

Spoor Bunch Franz of St. Petersburg, Fla., provides tax, audit and CAS/consulting services to small and medium-sized businesses in the greater St. Petersburg/Tampa area.

Stockman Kast Ryan + Company (FY18 net revenue of $9.8 million) of Colorado Springs, Colo., specializes in serving real estate and construction clients, high-net-worth families, nonprofits, employee benefit plans and small businesses in the southern Colorado.

BDO Alliance USA now has 214 CPA member firms in more than 500 locations nationwide.

“We know that members share a desire to keep pace and evolve with where the industry is going,” says Michael Horwitz, BDO USA partner and executive director of alliance services. “They find they can do that with the BDO Alliance USA and enjoy the camaraderie of fellow members. We welcome these new firms and their talents into our program.”

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BDO USA Admits 48 New Partners

Chicago-based BDO USA (FY19 net revenue of $1.64 billion) has admitted 48 professionals to the partnership.

By business line, 19 of the new partners are in tax, 18 are in assurance and 11 are in advisory.

“We are proud to welcome the largest class of partners at BDO in more than 20 years,” says Wayne Berson, CEO of BDO USA.

“Each of our new partners has directly contributed to the growth and success of our firm, exceling in their practice and driving innovative solutions to the opportunities and issues our clients face. They have demonstrated an impressive ability to lead and build relationships with clients and people at all levels within the firm.”

The newly appointed partners include:

  • Joann Arweiler, forensic investigations and litigation services, New York
  • Kevin Barber, assurance, San Antonio
  • Carrie Burnett, tax, Dallas
  • Yuan Chou, national tax office, Potomac, Md.
  • Dominic Coppolella, tax, Philadelphia
  • Charles Cuesta, assurance, New York
  • Doug Curtis, specialized tax services, Grand Rapids, Mich.
  • Jessica Davis, assurance, San Francisco
  • Barb Derus, specialized tax services, Minneapolis
  • Peter Diakovasilis, tax, Melville, N.Y.
  • Chris Dilley, assurance, Dallas
  • James Doughty, assurance, Anchorage, Alaska
  • Eric Fischer, tax, Grand Rapids, Mich.
  • Thomas Fuchs, industry specialty services, Stamford, Conn.
  • Matthew Gomes, tax, San Jose, Calif.
  • Charles Irvin, transaction advisory services, Costa Mesa, Calif.
  • Sean Kilbane, assurance, Cleveland
  • John Kincher, technology and business transformation services, Houston
  • Jake Kolipano, assurance, Anchorage, Alaska
  • Grace Li, national assurance, San Francisco
  • Jon Linville, national assurance, Dallas
  • Tony Manners, specialized tax services, Atlanta
  • Matt Manosky, tax, Detroit
  • Jonathan Matthews, assurance, Philadelphia
  • Karen McDaniel, assurance, Austin, Texas
  • Bo Monaco, assurance, San Diego
  • Daniel Newton, national tax office, Boston
  • Drew Olson, forensic investigations and litigation services, Dallas
  • Chuck Pine, forensic investigations and litigation services, Greater Washington D.C.
  • Traci Pumo, national tax office, West Palm Beach, Fla.
  • Aaron Raddock, industry specialty services, Greater Washington D.C.
  • Chad Rash, transaction advisory services, Charlotte, N.C.
  • Jason Rhodes, tax, Cincinnati
  • Blake Roberts, assurance, New York
  • Jose Rodriguez, assurance, Houston
  • Brian Rose, tax, New York
  • Gabe Rubio, specialized tax services, Los Angeles
  • Donna Sakony, tax, Cleveland
  • Michele Schmittel, assurance, Greater Washington D.C.
  • Todd Staples, assurance, Seattle
  • Joshua Swain, tax, Greater Washington D.C.
  • Thomas Terranova, forensic investigations and litigation services, New York
  • Brad Theel, assurance, St. Louis
  • Kirstie Tiernan, technology and business transformation services, Chicago
  • Brad Veltkamp, specialized tax services, Charlotte, N.C.
  • Michael Vierheller, risk advisory services, Greater Washington D.C.
  • Ben Williams, assurance, Minneapolis
  • John Woodward, tax, Chicago

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BDO Makes Inroads in Seattle Area with Peterson Sullivan Merger

Chicago-based BDO USA (FY19 net revenue of $1.64 billion) is acquiring Peterson Sullivan of Seattle, marking further expansion into the Pacific Northwest with 175 staff, including partners. The deal should be complete Nov. 1.

Wayne Berson, CEO of BDO USA, says the addition is part of the targeted growth strategy of the firm, which is ranked No. 7 on the 2019 IPA 100 list. “Peterson Sullivan and BDO share common values – believing strongly that an exceptional culture with exceptional people results in an exceptional client experience.”

Chris Russell

Peterson Sullivan (FY18 net revenue of $31.9 million), founded in 1953, serves clients in a variety of industries, including auto dealerships, construction, hospitality and consumer products, life sciences, manufacturing, nonprofit, professional services, real estate and technology.

“Peterson Sullivan has built our reputation over the last 65 years by providing exceptional client service and developing deep connections within the community,” says MP Chris Russell. “In joining BDO, our clients will continue to receive the personalized and responsive attention they have come to expect, now with enhanced access to more specialized services, broader industry expertise, and BDO’s extensive global network.”

Russell will continue his focus on the region’s business and civic communities as the market MP for BDO in Seattle. Michael Reeves and Bob Filip will continue in their respective roles as BDO’s assurance and tax managing partners for the combined Seattle practice.

“BDO has fueled its tremendous growth by combining with entrepreneurial and successful CPA firms that not only complement their service offerings and culture, but add value for their clients,” says Allan Koltin, CEO of Koltin Consulting Group, who advised both firms on the combination. “Peterson Sullivan garnered interest from many national and mega-regional firms. Ultimately, they felt BDO provided their partners and associates with a great playbook and platform to expand services to their clients.”

BDO plans to consolidate its offices into the current Peterson Sullivan location. In the interim, the firm will maintain two offices.

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Brian McCuller Joins BDO’s Atlanta Office as Tax Partner

Brian McCuller

Brian McCuller

Chicago-based BDO USA (FY19 net revenue of $1.64 billion) announces that Brian McCuller has joined the firm and been admitted as a tax partner based in Atlanta.

McCuller is an attorney and CPA with more than 26 years of experience. Specializing in multi-state taxes, he has advised Fortune 500, as well as middle-market companies, with multi-state and multi-national operations. He previously served as tax practice leader at a regional firm for three years, as well as state and local tax practice leader for 14 years at both regional and national firms. He is a frequent speaker and author on multi-state tax issues.

“His strong leadership skills, combined with his technical knowledge and commitment to client service, will make him an asset to BDO Atlanta,” says Karen Stone, tax MP for the Southeast region.

Prior to joining BDO Atlanta, McCuller spent much of his career in Tennessee, where he was actively involved in the community.

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