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.
Subscribe to Closing Arguments
Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.