{"id":5135,"date":"2011-02-02T00:00:00","date_gmt":"2011-02-02T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2011\/02\/financial_fraud_verdict_jury_o"},"modified":"2022-04-04T13:09:29","modified_gmt":"2022-04-04T18:09:29","slug":"financial-fraud-verdict-jury-o","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/financial-fraud-verdict-jury-o\/","title":{"rendered":"Financial Fraud Verdict: Jury Orders BDO Seidman to Pay Aviation Pioneer George Batchelor&#8217;s Estate and Foundation $91M"},"content":{"rendered":"<p>Nine years after the death of aviation pioneer and philanthropist George Batchelor, a circuit court verdict has issued a jury awarding his estate and foundation $91 million in its financial fraud case against BDO Seidman. The lawsuit, which was filed in 2002, accused BDO Seidman of covering up inaccurate financial statements when Grand Court Lifestyles, a company that Batchelor had invested tens of millions of dollars in, was audited.<\/p>\n<p>Of the $91 million verdict, $36 million is compensatory damages, $55 million is punitive damages. All of the award will go to the Foundation, which means that the dozens of organizations that it supports may get more funds. Prior to his death, Batchelor, who founded Batch Air and Arrow Air, gave about $100 million to causes related animals, kids, medical facilities, and the environment.<\/p>\n<p>The law firm that represents Batchelor\u2019s estate says that until the end, BDO \u201cdenied it had a public duty\u201d and \u201cwas willing to look the other way\u201d for Grand Court, which let go of another accounting firm that wanted to know how the manager\/owner of \u201csenior\u201d communities valued certain properties. Deloitte &amp; Touche, which was the original accounting firm for Grand Court, has settled its securities case with the Batchelor Foundation.<\/p>\n<p>Financial fraud and its concealment are against the law. If you are a victim of financial fraud you may have grounds for a civil case.<\/p>\n<p><strong>Related Web Resources:<\/strong><\/p>\n<p>J<a href=\"https:\/\/online.wsj.com\/article\/SB10001424052748704124504576118352145014780?mod=googlenews_wsj\">ury Rules Against BDO<\/a>, The Wall Street Journal, February 1, 2011<\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/financial-fraud-verdict-jury-o\/#more-5135\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nine years after the death of aviation pioneer and philanthropist George Batchelor, a circuit court verdict has issued a jury awarding his estate and foundation $91 million in its financial fraud case against BDO Seidman. The lawsuit, which was filed in 2002, accused BDO Seidman of covering up inaccurate financial statements when Grand Court Lifestyles, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3741],"tags":[],"class_list":["post-5135","post","type-post","status-publish","format-standard","hentry","category-securities-fraud"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Financial Fraud Verdict: Jury Orders BDO Seidman to Pay Aviation Pioneer George Batchelor&#039;s Estate and Foundation $91M &#8212; Investor Lawyers Blog &#8212; February 2, 2011<\/title>\n<meta name=\"description\" content=\"Nine years after the death of aviation pioneer and philanthropist George Batchelor, a circuit court verdict has issued a jury awarding his estate and &#8212; February 2, 2011\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/financial-fraud-verdict-jury-o\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Financial Fraud Verdict: Jury Orders BDO Seidman to Pay Aviation Pioneer George Batchelor&#039;s Estate and Foundation $91M &#8212; Investor Lawyers Blog &#8212; February 2, 2011\" \/>\n<meta name=\"twitter:description\" content=\"Nine years after the death of aviation pioneer and philanthropist George Batchelor, a circuit court verdict has issued a jury awarding his estate and &#8212; February 2, 2011\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Financial Fraud Verdict: Jury Orders BDO Seidman to Pay Aviation Pioneer George Batchelor's Estate and Foundation $91M &#8212; 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