Detroit Accounting Firm Named in Lawsuit Involving Alleged Ponzi Scheme

The accounting firm of Doeren Mayhew & Company was named in a lawsuit filed in Oakland County, Michigan, in connection with a highly publicized multi-million dollar alleged ponzi scheme using partnerships, many purported to earn revenues from telephone usage in Las Vegas hotels. The central figure reported as the mastermind of such investments is Ed May who, along with other individuals and firms, is the subject of several investigations including by the U.S. Securities and Exchange Commission.

The lawsuit was filed on behalf of investors jointly by three law firms: Sheldon Miller & Associates, a premier Detroit area litigation firm, the Poppe Law Firm, which has extensive experience in accounting malpractice claims, and Shepherd Smith Edwards & Kantas LTD LLP, a securities law firm which handles claims for investors nationwide.

The suit states allegations regarding Doeren Mayhew, including that the accounting firm was listed as the accounting firm of record for various partnership investments and that the firm and that some of its agents and directors were involved with the ongoing business affairs of the partnerships and/or engaged into direct and indirect communications with investors which misled them regarding these investments.

The law firm of Shepherd, Smith & Edwards represents a number of individuals and other investors with large losses, many in their retirement accounts, sustained by investments into these partnerships. This law firm has also filed claims for misrepresentation and unsuitability in securities arbitration against a former stockbroker who sold these and other investments to his clients.

The law firms currently seek additional information, documents and other potential evidence regarding these investments, as well as written and/or oral communications which may have occurred with the parties to the lawsuit or arbitration claims. Persons are asked to contact Thomas Ruiz or Kirk Smith at 800-259-9010 or via e-mail to truiz@sselaw.com. All such discussions and contact will be treated confidentially.