Peter Stanham

Three offshore firms have filed a civil complaint against accounting firm BDO Seidman in an attempt to recover $170 million of losses from a collapsed factoring scheme.The complaint, whose sole cause of action is professional negligence, was filed at the

Nine businessmen have been criminally indicted in Florida for allegedly perpetrating an accounts receivable factoring scam which an offshore bank group claims has cost it approximately $170 million. The December 4th indictment relates to the same circumstances which led to Cayman Islands-licensed Bank Espirito Santo (International) Ltd. filing a civil lawsuit against E. S. Bankest LLC earlier this year.

A Cayman Islands-licensed bank is suing a Florida-based accounts receivable factoring company which has allegedly defaulted on loans totaling $170 million.Bank Espirito Santo (International) Ltd., which is part of the Portugal-based Espirito Santo Group, filed a civil lawsuit against E. S. Bankest LC at the U. S. District Court for the Southern District of Florida on August 6, 2003.