A malpractice suit has been filed against BDO Seidman and two of its CPA partners, alleging that the firm engaged in unfair business practices and securities fraud in connection with the 2004 bankruptcy of a Miami financial services company, E.S. Bankest.

Lawyers speaking for federal court-appointed E.S. Bankest officer, forensic accountant Lewis B. Freeman, wrote in their filing that Freeman "discovered in five minutes what BDO failed to discover in five years -- that over $1 billion of the accounts receivable BDO certified did not exist."

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