Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Thursday, January 12, 2012

Former BDO Auditor Pleads Guilty to Lying to SEC

A former audit partner at accounting and consulting firm BDO USA LLP, Bryan N. Polozola, pled guilty to criminal charges for lying to SEC enforcement staff during investigative testimony.  According to the criminal information filed in U.S. District Court for the District of Columbia, the SEC issued subpoenas last year to BDO and Polozola, who was responsible for auditing several hedge funds managed by an investment adviser that the SEC is investigating. The criminal information alleges that during questioning in September 2011, Polozola falsely testified to SEC staff that he was not aware of a $49,350 payment made on his behalf to his former employer. In fact, Polozola was aware that his attorney had repaid the $49,350 to the former employer as reimbursement of the funds he had allegedly taken for his personal use. The payment was made at Polozola’s direction and with Polozola’s funds.

Polozola pled guilty to a one-count information charging him with making a false statement to government officials in violation of 18 U.S.C. § 1001.

http://lawprofessors.typepad.com/securities/2012/01/former-bdo-auditor-pleads-guilty-to-lying-to-sec.html

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