Accountant Pleads Guilty To Lying To SEC In Hedge Fund Investigation

Jan 18 2012 | 10:41am ET

A former accountant has admitted he lied to investigators during a probe of his hedge fund clients.

Bryan Polozola, a former audit partner at BDO USA, denied knowing that a former employer he was accused of stealing almost $50,000 from had been repaid during testimony to the Securities and Exchange Commission. But, according to the criminal information against him, Polozola knew perfectly well that his lawyer had made the payment—and that the lawyer had done so on Polozola's orders and with Polozola's money.

Polozola was accused of taking the money in a 2005 National Association of Securities Dealers proceeding; he neither admitted nor denied guilt but did consent to be barred from associating with NASD-registered firms.

"This guilty plea is a stark reminder that those who lie in SEC investigations will face an SEC committed to working closely with the criminal authorities to ensure that they are held accountable," SEC enforcement chief Robert Khuzami said.

Polozola was fired by BDO in September. The Richardson, Texas, man faces up to six months in prison when he is sentenced in March, as well as a $5,000 fine.

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...