MANHATTAN (CN) – A former partner at BDO Seidman admitted he stole $20 million from investors in the North Hill Fund, an investment partnership he managed, federal prosecutors said. Mark Bloom, a CPA, pleaded guilty Thursday to investment fraud and obstructing the IRS in the scheme he ran from 2001 through February this year.
Prosecutors said BDO Seidman’s then-CEO promised Bloom $1 million a year to market illegitimate tax shelters to rich clients. Bloom, 57, of New York City, also ducked his own taxes from 2001-2003, the U.S. Attorney’s Office said.
He faces more than 70 years in prison and up to $40 million in fines. In his plea agreement he agreed to forfeit $20 million, plus real estate, two Steinway pianos, jewelry, art and other stuff.